UBI SICAV · 2020. 8. 17. · UBI SICAV Directors' Report 2014 Annual Report Macro-economic developments In 2014 the world economy remained on a path of gradual recovery, although

UBI SICAV

Societe d’Investissement a Capital VariableWith Multiple Sub-funds

(SICAV organized under the laws of the Grand-Duchy of Luxembourg)

Annual Report, including Audited Financial Statements,as at December 31, 2014

11-13, Boulevard de la FoireL-1528 Luxembourg

R.C.S. Luxembourg B-36503

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus accompanied

by the latest annual and the most recent semi-annual report, if published thereafter.

Table of contents

Page

Management and Administration 5

Directors’ report 6

Report of the Reviseur d’Entreprises Agree 9

Statement of Net Assets 10

Statement of Operation and Changes in Net Assets 17

Changes in the Number of Shares 25

Statistics 35

Euro Fixed Income

Statement of Investments 45

Geographical and Economic Classification of Investments 48

Euro Equity



USA Equity



Asia Pacific Equity



Emerging Markets Equity



Global Equity



Euro Corporate Bond



High Yield Bond



Short Term EUR



Euro Liquidity (1)



Active Beta



Global Corporate Bond



UBI SICAV

3

(1) refer to Note 19

Euro Corporate Short Term



Euro Equity High Dividend



Emerging Markets Bond



Global Dynamic Allocation



Cedola Certa 2012-2015



Beta Neutral



Long/Short Euro






Protezione e Crescita 2017






Focus Italia



Cedola Mercati Emergenti



Protezione Mercati Emergenti



Multiasset Europe 50



Global High Yield Euro Hedged (1)



Notes to the Financial Statements 150

UBI SICAV

4


Table of contents (continued)

Management and Administration

Board of Directors of the SICAV:

Chairman:

Mr. Sergio Paci (Since April 2014)Chairman of the BoardUBI Pramerica SGR S.p.A.5, Monte di PietaI-20121 Milano

Mr. Giorgio Frigeri (until April 2014)UBI Banca S.c.p.a.Piazza Vittorio Veneto, 8I-24122 Bergamo

Members of the Board of Directors:

Mr. Andrea PennacchiaChief Executive Officer and General ManagerUBI Pramerica SGR S.p.A.5, Monte di PietaI-20121 Milano

Mrs. Suzanne RoheDirectorUBI Pramerica SGR S.p.A.5, Monte di PietaI-20121 Milano

Management Company:

UBI Management Company S.A.37/A, Avenue J.F. KennedyL-1855 Luxembourg

Reviseur d’Entreprises Agree:

Deloitte AuditSociete a responsabilite limitee560, rue de NeudorfL-2220 Luxembourg

Legal Advisors:

- as to Iceland Law:Lex Law OfficesBorgartuni 26,105 Reykjavik

- as to Luxembourg Law:Bonn & Schmitt22-24, rives de ClausenL-2165 Luxembourg

- as to Italian Law:Galante e Associati Studio Legalevia del Banco di S. Spirito, 42I-00186 Roma

Distributors:

UBI Banca International S.A.37/A, Avenue J.F. KennedyL-1855 Luxembourg

UBI Pramerica SGR S.p.A.Head Office: piazza Vittorio Veneto, 8, I-24122 - Bergamo;Administrative Office: 5, Monte di Pieta, I-20121 Milano

Investment Managers:

UBI Pramerica SGR S.p.A.Head Office: piazza Vittorio Veneto, 8, I-24122 - Bergamo;Administrative Office: 5, Monte di Pieta , I-20121 Milano

for all sub-funds except the sub-funds mentioned below.

Prudential International Investments Advisers, LLCGateway Center Three100 Mulberry Street, 4th FloorNewark, NJ 07102 USA

for the following sub-funds:UBI SICAV – USA EquityUBI SICAV – Asia Pacific EquityUBI SICAV – Emerging Markets EquityUBI SICAV – Global EquityUBI SICAV – High Yield BondUBI SICAV – Global Corporate BondUBI SICAV – Emerging Markets BondUBI SICAV – Cedola Mercati EmergentiUBI SICAV – Global High Yield Euro Hedged

Sub-Investment Managers:

Quantitative Management Associates LLC (QMA)Gateway Center 2McCarter Highway & Market StreetNewark, NJ 07102 USA

Prudential Investment Management, IncPrudential PlazaNewark, NJ 07101 USA

Jennison Associates LLC466 Lexington AvenueNew York, NY 10017 USA

Pramerica Investment Management LimitedGrand Buildings, 1-3 Strand, Trafalgar SquareLondon WC2N 5HR UK

Custodian Bank:

RBC Investor Services Bank S.A.14, Porte de FranceL-4360 Esch-sur-Alzette

Administrative, Registrar and Transfer Agent:

RBC Investor Services Bank S.A.14, Porte de FranceL-4360 Esch-sur-Alzette

UBI SICAV

5

UBI SICAV

Directors' Report

2014 Annual Report

Macro-economic developments

In 2014 the world economy remained on a path of gradual recovery, although at a lower than expected pace of expansion. After a rather subdued growth in H1 , economic activity gained more momentum in the second half of the year, driven primarily by sounder fundamentals in some advanced economies such as the US and the United Kingdom. The mismatch in cyclical conditions caused the monetary policies of advanced and emerging countries to progressively diverge. Against a backdrop of excess labour supply in several areas, high manufacturing spare capacity in some countries (for ex. China) and a sharp decline in energy prices, disinflationary dynamics strengthened across the board.

The US economy, after experiencing a negative first quarter due to adverse weather conditions, resumed a very solid growth trend, as confirmed by final Q3 data, which reported a GDP growth of 5% relative to the previous quarter. The main drivers of this recovery were the very loose financial conditions, a very low interest rate environment and the narrowing of spreads which has been continuing for some time. Domestic demand was favoured by a significant improvement of the labour market, notably a sharp decline in unemployment, down to 5.6% according to year-end reports. Despite the fact that this progressive improvement has failed so far to generate a pickup in wages, some slight increases were reported towards the end of the year. What's more, households' wealth has increased in the wake of the stock market uptrend of the last few years and the recovery of the real estate market, with house prices now firmly on an upward trajectory. Further contributing factors were the wearing off of the effects deriving from households' de-leveraging, banks' greater willingness to lend and, especially towards the second half of the year, the marked decline in oil prices. Investment activity also picked up during the year although it remains, overall, below the levels reached prior to the 2008 crisis. Inflation remained moderate throughout the year, benefitting from the downturn in commodity prices and the contained wage pressures. At year-end, consumer price inflation fell to 0.8% on the back of the sharp decline in energy prices, while core inflation stabilized at 1.6% year-on-year. As for monetary policy, the FED continued tapering economic stimulus with further reductions of bond purchases: Its monthly purchases of mortgage backed securities (MBS) and long-term Treasury bonds, amounting to 85 billion US dollars in January, were brought to zero at the end of October. Despite this, the Central Bank's stance remained accommodative; at the last FOMC meeting of 2014, Ms Janet Yellen confirmed that the committee will be "patient" in beginning to normalize the stance of monetary policy; the timing and manner of future rate hikes will be contingent on the evolution of macro-economic conditions and financial markets. In 2014, the Fed succeeded in managing the "communication" challenge and was able to convince markets that tapering is not another form of monetary tightening, but simply a lower degree of accommodation to reflect a progressive improvement of macro-economic data.

The Eurozone experienced a moderate recovery in the first half of 2014, followed by a progressive weakening in the subsequent quarters. Final Q3 figures confirmed a 0.2% growth of GDP, quarter-on-quarter, and the pace of expansion remained subdued also in Q4, according to leading indicators published in the last few weeks, with differences across Eurozone countries. In general, growth was lower than expected in Germany, France and Italy (which experienced a flare-up of recession) whilst it surprised upwards in countries such as Spain and Ireland. In the first half of the year, recovery was primarily driven by exports (fuelled by strong foreign demand) while in the second half a stronger contribution to growth came from consumption. Investments contracted during the second and third quarters of the year while year-end indicators pointed to a very modest recovery of investments in 04. This is mainly due to the fact that firms are still in de-leveraging mode and that there is an overhang of unutilized productive capacity in the manufacturing system. Aggregate labour market figures for the area pointed to some improvements in terms of employment growth, but differences among countries remain significant and, in some cases, have widened. As for credit, no significant improvements were reported; although credit dynamics remain weak, at least the pace of contraction of corporate lending seems to have slowed down. All in all , access to credit continued to be particularly difficult for small and medium-sized companies in the periphery. With regard to consumer prices, the year was characterized by a significant strengthening of disinflationary dynamics, which also reflected the impact of high levels of unutilized capacity in the economy and declining commodity prices. These dynamics seemed particularly strong in December when negative values were reported (-0.2% yoy) and core inflation stabilized at very low levels by historical standards (0.8% yoy). In an effort to counter the risk of an overly long period of low inflation, during the year the ECB cut the official benchmark rate from 0.25% to 0.05% and set the facility deposit rate within the Eurosystem at -0.20%. In addition to these decisions, the European Central Bank introduced a series of other "unconventional" measures to support lending to the real economy and significantly expand the size of the Eurosystem's balance sheet. In particular, with regard to the measures taken during the year, the Central Bank embarked on a purchase programme of securities issued against the securitization of bank loans to businesses and households (Asset Backed Securities Purchase Programme) and of covered bonds issued by banks (Covered Bond Purchase Programme). Besides, it launched two targeted longer-term refinancing operations (TL TRO) to support bank lending to households and the non-financial corporate sector. In both operations, the overall take-up by the Eurozone's banking system was slightly more than half the potential total amount available (about 400 billion Euro). On several occasions, the ECB Council reiterated its unanimous commitment to resorting to other non-conventional monetary policy measures, should it become necessary to fight the risks of an overly long period of low inflation and to expand the institute's balance sheet to its March 2012 levels (about 3,000 billion Euro). In the final part of the year, monetary policy-makers confirmed their commitment to revise, to the extent that may become necessary in the following months, the size, pace and composition of their asset-purchasing programme, with the option of including government bonds. In early November, the ECB assumed supervisory responsibility over the area's major banks (about 120 institutions) following a year-long preparatory phase which included an in-depth examination of the quality of the banks' assets (Asset Quality Review) and a stress test, Le. an assessment of banks' resilience and ability to withstand potential macro-economic shocks.

The United Kingdom reported a surge in economic activity, driven primarily by strong domestic demand, in particular private consumption and investments in residential housing. During the reference period, inflation remained below the 2% target set by the monetary authorities and reached around 1 % towards year-end, the lowest level since 2001 . In the course of 2014, the Bank of England maintained its benchmark rate at 0.5% and decided to leave its bond-buying programme (Asset Purchase Programme) unchanged at 375 billion pounds.

The figures stated in the Directors' report are historical and not necessarily indicative of future performance

6

UBI SICAV

Directors' Report (continued)

As for Japan, the first half of the year saw a pickup in growth driven primarily by the front-loading of purchases and investments ahead of the consumption tax increase from 5 to 8%, which took effect in early April. After this short expansionary spell, Japan's economy resumed its downtrend with economic activity contracting by 7.3% in 02 (on an annualized basis) and then again by 1.9%, plunging the country into recession. During the first half of the year, Bank of Japan reiterated its target of doubling the monetary base. In February, it decided to double the size of the lending scheme to commercial banks (Growth-Supporting Funding Facility) - extending the relevant implementation period by an additional year - and of the bank lending stimulus package (Stimulating Bank Lending Facility). At the end of October, in an effort to counteract the slowdown in economic activity, BoJ announced the expansion of its quantitative easing programme, explaining that the monetary base will increase by 80 trillion Yen per year, thanks to a mix of riskier asset purchases. Mr Abe postponed the consumption tax hike planned for the next autumn to April 2017 and, after the December early elections, which consolidated his majority, he renewed his commitment to the structural reforms programme.

During the year, the Chinese economy exhibited a gradual contraction of growth, with moderate inflation dynamics. Growth was mainly driven by consumption and trade exchanges while investments made a lower contribution to growth, primarily due to a decline in investments in residential housing and a lower expansion of credit. Against this backdrop, in November the Chinese Central Bank decided to lower the benchmark rates on loans and deposits for the first time since July 2012. In 2014 the monetary institute strengthened its supervisory activities to curb financial leverage and rein in shadow banking.

As for the emerging world, country differences have widened and the pace of growth has generally stabilized around lower levels compared with past cycles. Commodity-importing countries, such as India, benefitted from declining commodity prices which boosted consumption and stabilized foreign trade balances; by contrast, commodity-exporting countries were badly hit. The Brazilian economy experienced a phase of stagnation while Russia saw a rapid deterioration of its financial and economic situation, also due to the plunge of the rouble and the negative impact of sanctions imposed by Western countries in late July. In line with these diverging macro-economic conditions, the monetary policies of these countries took different paths. In Turkey and India, central banks started to consider the adoption of a more accommodating monetary policy stance; by contrast, the Brazilian Central Bank embarked on a new monetary tightening cycle with the aim of reconciling expectations with inflation targets. In Russia, the Central Bank had to announce more drastic measures such as the decoupling of the rouble from the euro and the US dollar as well as the raising of its key interest rate to 17%, the highest level since the 1998 crisis.

Market highlights

Stock markets

All in all, 2014 was a positive year for stock markets.

During the first months of the year, the stock markets of the Eurozone peripheral countries posted very positive performances - above those of the Eurozone index - following the decline in the risk premiums. In the following months, in the wake of diverging economic data and growing tensions in Ukraine and Iraq, stock prices started to fall in the area. In the second half of the year, the European stock markets continued, at first, their downward trend as disappointing economic data were published for the Eurozone and fears deepened over the global growth outlook. Afterwards, as uncertainty in the financial markets lessened and geopolitical tensions subsided, stock markets made a recovery, closing the year with a positive Eurostoxx 50 index. The recovery of the European stock markets was probably favoured by the statements made by the ECB president, Mr Draghi, in particular with regard to the Central Bank's willingness to expand its balance sheet, possibly also through the purchase of government bonds. Oil and gas stocks, hard hit by the decline in crude oil prices, were some of the biggest drags on European stock markets, especially in the second half of the year; by contrast, the telecoms sector, after a lacklustre performance in the early part of the year, stood out as one of the best-performing sectors in the second half. Financial stocks held up fairly well in the face of incoming macro-economic news and the ECB comprehensive assessment, but closed the year with a slightly negative performance. In the second half of 2014, the Italian stock market was dragged down by the energy (oil and gas) and financial sectors, which zeroed the gains posted in H1 . The EuroStoxx 50 index closed the year with +1 .2% while the FTSEMib index posted a +0.2%.

As for the US stock market. after a rather stable first semester, characterized by an initial decline followed by a recovery fuelled by positive economic data, there was a marked surge in volatility in the second part of the year. Initially, the market showed some minor corrections caused, most probably, by geopolitical uncertainty; in October, following the release of contrasting economic data and renewed fears over global growth, stock markets experienced a major correction, in terms of both size and volume. Towards the end of the year, the release of more robust macro-economic data, in particular on real GDP growth and labour market conditions, contributed to driving stock prices up and positioning stock indices at levels well above those reported in mid-year. As for sector performance, it reflected more or less the situation reported for the European market. The Dow Jones closed the year with +7.5%, the S&P 500 with +11.4% and the Nasdaq with +13.4%.

The stock markets of the main emerging economies followed different performance trends in a context impacted by the stabilization of growth. The Brazilian stock index - BOVESPA - after a correction early in the year amid declining domestic economic activity, re-bounced in the second half of the year, partially recouping the negative performance, closing at -2.9% at year end. The Chinese stock market index - the Shangai Composite - which during the first half of the year did not depart too much, despite some volatility, from the values reported at year-start, closed 2014 with a +52.9%. During the second half of 2014 the stock markets of the emerging economies were affected by capital outflows. The abrupt fall in oil prices, for example, took a toll on crude oil exporting countries, negatively impacting their stock markets, such as in the case of Russia.

The figures stated in the Directors' report are historical and not necessarily indicative of future performance

7

UBI SICAV

Directors' Report (continued)

Japanese stock prices, after declining in the first part of the year, having factored in the economic slowdown that followed the consumption tax increase introduced by the government, bounced back in the following months, mainly in the wake of positive incoming macroeconomic data. This uptrend continued also into the following months, despite lower-than-expected macroeconomic figures. The Bank of Japan's decision to expand its quantitative easing schema was one of the major factors contributing to this uptrend. By year end, the Topix index had posted a 8.1 % gain.

(All index percentage changes are expressed in local currency)

Bond Markets

As for sovereign bonds, 2014 was generally characterized by a decline in the medium-to-long-term yields of US and German government bonds, usually considered less risky. As for short-term yields, the picture was not as uniform. Overall, yield curves have flattened, to a greater extent in the case of Eurozone bonds and to a lesser extent as relates to US and Japanese bonds. In particular, the yields on 10-year US government bonds, after falling sharply in January and then stabilizing for most of the first half of the year, showed a substantial increase in volatility in the subsequent months. Yields initially increased, reflecting overall better-than-expected data, to decline again starting in mid-October amid growing market concerns over global growth and expectations of a more moderate monetary tightening. Yields started to rise again towards the end of the year, possibly in the wake of incoming positive data on the US economy, and closed the year at levels slightly below those achieved in late August. Another factor contributing to the decline in US bond yields were expectations on inflation, which remained stable despite solid growth and labour market data. As for the yields of higher-rated European 10-year bonds, a more gradual and less volatile decline was observed during the year, amid incoming weak economic data for the area and general market uncertainty over the global growth outlook. The yields of short-term AAA-rated government bonds of the Eurozone experienced a lower decline, which led to a flattening of the yield curve. Overall, the yields on 10-year Bunds and Treasuries declined from 1.9% and 3%, respectively, at the end of December 2013, to 0.54% and 2.2%, respectively, at the end of 2014. As for the yields of Eurozone peripheral government bonds, including Italian govies, a significant decline was reported across all maturity ranges, but even more so for medium and long maturities. Purchases of peripheral sovereign bonds were possibly favoured by the monetary policy measures announced by the ECB in June. Yields on Italian 10-year sovereign bonds declined from 4 .1 % at the end of December 2013 to 1.9% at the end of 2014.

As for the emerging world, the resurfacing of tensions in their respective financial markets in January led to a widening of yield spreads against the sovereign bonds of the advanced countries, generally considered more reliable. Starting from February, risk premiums on the securities of the main emerging countries started to gradually decline, amid a perceived moderate improvement of macro-economic fundamentals in these economies. In the second half of the year, yield spreads started to climb again as risk aversion surged. During the final part of 2014, the financial conditions of those markets rapidly deteriorated: capital outflows accelerated, including from fixed income markets, and sovereign spreads rose again, reaching the highest levels since 2011.

With regard to corporate bonds, the first half of the year was characterized by a progressive narrowing of spreads of both investment grade and lower-rated bonds. This trend was mainly favoured by improved macro-economic data, expectations about possible nonconventional monetary action by the ECB and investors' continuous search for yield. The spreads between non-financial investment grade corporate bonds and sovereign bonds narrowed towards the end of the year compared with late summer levels, while no changes were reported with regard to lower-rated bonds. By contrast, the corporate bonds of financial issuers with below-investment-grade ratings reported significant spread increases in the second part of the year.

Currencies and Commodities

During 2014, the Euro exhibited a fluctuating trend against the currencies of the other advanced economies. Between January and the first half of March, the Euro appreciated against the US dollar, a phenomenon that was probably favoured by speculations on the ECB's future monetary policy stance, perceived as being more restrictive than that of the Federal Reserve, as well as by improved market expectations on the economic outlook for the area. After some fluctuations between mid March and early May, the single currency began to depreciate against the US dollar, a trend that continued throughout the second half of the year. These exchange rate fluctuations came most probably in the wake of expectations about new monetary policy measures as well as market forecasts on the economic growth outlook of the Eurozone relative to the other macro areas. At the end of 2014 the Euro had depreciated against the US dollar by about 12%. As for the Japanese yen, after a fairly volatile first semester which saw the Euro depreciate progressively, during the second half of the year the European single currency gained ground against the Japanese Yen, most probably after the Bank of Japan announced in October that it would expand its qualitative and quantitative monetary easing program. At the end of 2014, the Euro exchange rate against the Japanese yen was virtually unchanged. Starting from September, the Euro appreciated significantly against the Russian rouble as well as against other emerging countries' currencies. The European currency depreciated, however, against the Chinese Renminbi.

During the first semester of the year, oil prices were fairly stable; in particular, Brent oil remained in the $105 to 115 trading range. Beginning in June, oil prices started to drop, a trend which intensified in the forth quarter. This fall in oil prices occurred in the wake of an unexpected surge in supply - fuelled by the sharp increase of US shale oil production - and weaker demand, especially in emerging countries. By year-end, Brent oil had declined by over 48%, closing the year at 57 US dollars a barrel. As for non-energy commodities, prices increased during the first quarter. Afterwards, prices started to decline, a downtrend which slowed down during the last months of

the ::~,:o:~ 2::modities, 8"ch as ceraals, ra;rt~ ~;:, ·~::,::::::~ s 0 j§) /l

/~ \lL ' \ . ttV ~-The figures stated in the Directors' report are historical and not necessarily indicative of future performance

8

Deloitte.

To the Shareholders of UBI SICAV 37/A, Avenue J.F. Kennedy L-1855 Luxembourg

Report of the Reviseur d'Entreprises Agree

Delo1tte Aud it Societe a responsabilite limitee

560, rue de Neudorf L-2220 Luxembourg B.P. 1173 L-1011 Luxembourg

Tel: +352 451 451 Fax: +352 451 452 992 www.deloitte.lu

Following our appointment by the annual general meeting of the Shareholders of the SICAV on April 22, 2014, we have audited the accompanying financial statements of UBI SICAV (the "SICAV") and of each of its sub-funds, which comprise the statement of net assets and the statement of investments as at December 31, 2014 and of the statement of operation and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements.

Responsibility of the Board of Directors of the SICA V for the financial statements

The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements, and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Responsibility of the Reviseur d'Entreprises Agree

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgement of the Reviseur d'Entreprises Agree, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Reviseur d'Entreprises Agree considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity 's internal control.

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of UBI SICAV and of each of its sub-funds as of December 31 , 2014, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.

Other matter

Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole .

udit , Cabinet de revision agree

Em tte , Reviseur d 'Entreprises Agree

April 16, 2015

Societe a responsabihte hm1tee au capital de 35.000 € RCS Luxembourg B 67 .895 Autorisat1on d'etablissement : 10022179

9

Statement of Net Assetsas at December 31, 2014

Euro Fixed

Income

Euro Equity USA Equity Asia Pacific

Equity

Notes EUR EUR EUR EUR

ASSETSInvestments in securities at market value (2) 56,682,131.31 35,523,262.83 26,399,243.85 116,479,626.27Options (purchased) at market value (2)(11) 115,246.71 - - -Cash at bank and brokers 5,110,855.98 5,161,789.70 1,479,274.54 837,496.44Amounts receivable on sale of investments - - - 349,005.66Amounts receivable on subscriptions 7,522.16 6,234.80 - 62,841.63Interest and dividends receivable 625,428.23 - 11,362.81 65,569.56Interest receivable on swaptions (13) - - - -Capitalized Start-up fees (2) - - - -Receivable on currencies purchased - - 4,876.83 347,358.13Net unrealised profit on forward foreign exchangecontracts (10)(2) 53,180.12 - - -Net unrealised profit on swaptions (13)(2) - - - -Net unrealised profit on futures contracts (8)(2) - - - 11,385.58Net unrealised profit on Contracts for Differences (12)(2) - - - -Other assets - 43,439.75 - -

TOTAL ASSETS 62,594,364.51 40,734,727.08 27,894,758.03 118,153,283.27

LIABILITIESBank overdraft and amounts due to brokers 27,199.16 - 461.68 8,097.02Options (written) at market value (2)(11) - - - -Amounts payable on purchase of investments 1,029,634.44 - 459,241.20 -Amounts payable on redemptions 32,486.93 10,183.47 4,516.60 459,629.96Net unrealised loss on forward foreign exchangecontracts (10)(2) - - - -Net unrealised loss on future contracts (8)(2) 188,793.27 - - -Net unrealised loss on swaps (14) - - - -Management and distribution fees payable (3) 62,795.83 87,770.88 101,663.03 191,267.47Performance fees payable (4) - 2,507.80 - 2,277.53Unrealised capital gain tax on investments (2) - - - -Taxes and expenses payable 12,067.25 9,766.77 15,224.85 34,121.09Interest payable on Contracts for Differences (12)(2) - - - -Payable on currencies sold - - 4,878.04 349,005.66Other liabilities - - - -

TOTAL LIABILITIES 1,352,976.88 110,228.92 585,985.40 1,044,398.73

TOTAL NET ASSETS 61,241,387.63 40,624,498.16 27,308,772.63 117,108,884.54

Net asset value per shareClass A - - - -Class B - - - -Class D - 5.585 6.361 5.407Class I 11.228 6.063 9.043 6.599Class R 10.771 5.351 8.176 5.883Class S 6.136 6.944 9.819 8.224

Number of shares outstandingClass A - - - -Class B - - - -Class D - 115,057.985 96,471.210 27,427.311Class I 4,777,415.963 5,483,072.405 1,035,015.003 16,491,487.744Class R 665,910.719 1,217,166.561 2,024,549.858 1,348,444.039Class S 70,014.544 32,172.052 79,710.235 23,416.734

UBI SICAV

The accompanying notes form an integral part of these financial statements.

10

Emerging

Markets Equity

Global Equity Euro Corporate

Bond

High Yield Bond


ASSETSInvestments in securities at market value (2) 144,725,533.43 14,490,960.54 139,297,663.78 1,228,157,361.76Options (purchased) at market value (2)(11) - - 105,345.82 -Cash at bank and brokers 927,320.13 58,731.66 2,401,712.91 33,709,517.14Amounts receivable on sale of investments 162,243.56 - - -Amounts receivable on subscriptions - 19,236.34 83,305.37 -Interest and dividends receivable 156,965.83 17,326.65 2,422,740.81 21,846,912.08Interest receivable on swaptions (13) - - - -Capitalized Start-up fees (2) - - - 17,833,726.04Receivable on currencies purchased 405,653.43 - - -Net unrealised profit on forward foreign exchangecontracts (10)(2) - - - -Net unrealised profit on swaptions (13)(2) - - - -Net unrealised profit on futures contracts (8)(2) 31,172.53 2,852.83 - -Net unrealised profit on Contracts for Differences (12)(2) - - - -Other assets - 2,656.34 - 20,405.66

TOTAL ASSETS 146,408,888.91 14,591,764.36 144,310,768.69 1,301,567,922.68

LIABILITIESBank overdraft and amounts due to brokers - 1,379.94 74,273.22 -Options (written) at market value (2)(11) - - - -Amounts payable on purchase of investments 397,992.53 - 33,465.54 -Amounts payable on redemptions 282,542.93 1,324.32 273,331.46 882,792.21Net unrealised loss on forward foreign exchangecontracts (10)(2) - - - 31,652,473.25Net unrealised loss on future contracts (8)(2) - - 235,100.00 -Net unrealised loss on swaps (14) - - - -Management and distribution fees payable (3) 273,509.66 40,982.90 143,341.86 2,451,421.25Performance fees payable (4) 2,798.47 2,828.05 - 58,786.71Unrealised capital gain tax on investments (2) 26,032.39 - - -Taxes and expenses payable 61,043.63 23,342.35 28,768.15 326,209.03Interest payable on Contracts for Differences (12)(2) - - - -Payable on currencies sold 405,470.69 - - -Other liabilities - - - -


TOTAL NET ASSETS 144,959,498.61 14,521,906.80 143,522,488.46 1,266,196,240.23

Net asset value per shareClass A - - - 4.961Class B - - - -Class D 5.316 5.998 5.244 5.052Class I 6.155 7.599 7.598 9.708Class R 5.540 6.853 7.152 9.179Class S 6.707 - 6.420 7.032

Number of shares outstandingClass A - - - 209,603,200.143Class B - - - -Class D 43,581.701 238,642.380 261,839.576 547,159.499Class I 21,758,193.937 1,111,108.179 17,867,884.571 19,288,832.306Class R 1,922,381.283 678,105.176 878,506.761 3,925,442.980Class S 22,997.138 - 16,996.000 47,876.230

UBI SICAV


11

Statement of Net Assets (continued)as at December 31, 2014

Short Term

EUR

Euro Liquidity (1) Active Beta Global Corporate

Bond


ASSETSInvestments in securities at market value (2) 53,555,169.37 82,445,518.69 28,931,270.79 12,920,260.82Options (purchased) at market value (2)(11) - - - -Cash at bank and brokers 765,693.41 1,519,874.89 1,024,752.34 8,295.58Amounts receivable on sale of investments - - - -Amounts receivable on subscriptions - - 3,430.70 1,133.25Interest and dividends receivable 369,407.05 695,784.66 336,026.23 174,650.84Interest receivable on swaptions (13) - - - -Capitalized Start-up fees (2) - - - -Receivable on currencies purchased - - - 4,853.00Net unrealised profit on forward foreign exchangecontracts (10)(2) - - 2,986.99 -Net unrealised profit on swaptions (13)(2) - - - -Net unrealised profit on futures contracts (8)(2) - - 69,040.05 -Net unrealised profit on Contracts for Differences (12)(2) - - - -Other assets - 863.37 - -

TOTAL ASSETS 54,690,269.83 84,662,041.61 30,367,507.10 13,109,193.49

LIABILITIESBank overdraft and amounts due to brokers - 9,168.40 34,552.14 196.27Options (written) at market value (2)(11) - - - -Amounts payable on purchase of investments - - - -Amounts payable on redemptions 40,430.35 363.26 6,892.14 5,863.90Net unrealised loss on forward foreign exchangecontracts (10)(2) - - - 258,295.42Net unrealised loss on future contracts (8)(2) 13,400.00 5,625.00 - -Net unrealised loss on swaps (14) - - - -Management and distribution fees payable (3) 43,377.88 65,131.33 22,819.37 27,210.81Performance fees payable (4) - 339.15 - 49.77Unrealised capital gain tax on investments (2) - - - -Taxes and expenses payable 9,469.93 17,832.66 5,930.62 8,472.88Interest payable on Contracts for Differences (12)(2) - - - -Payable on currencies sold - - - 4,855.01Other liabilities - - - -

TOTAL LIABILITIES 106,678.16 98,459.80 70,194.27 304,944.06

TOTAL NET ASSETS 54,583,591.67 84,563,581.81 30,297,312.83 12,804,249.43

Net asset value per shareClass A - - - -Class B - - - -Class D - - - 5.202Class I 3.734 5.152 5.292 6.081Class R 3.703 5.019 - 5.925Class S - 5.012 - -

Number of shares outstandingClass A - - - -Class B - - - -Class D - - - 129,165.374Class I 13,274,831.272 14,064,905.834 5,725,657.411 1,024,865.597Class R 1,355,502.863 2,299,951.183 - 995,643.591Class S - 112,086.326 - -

UBI SICAV


12



Euro Corporate

Short Term

Euro Equity High

Dividend

Emerging

Markets Bond

Global Dynamic

Allocation


ASSETSInvestments in securities at market value (2) 564,229,752.31 49,087,041.65 52,024,251.43 976,517,869.78Options (purchased) at market value (2)(11) - - - 4,541,505.63Cash at bank and brokers 6,732,917.76 1,936,115.52 210,213.69 85,016,712.89Amounts receivable on sale of investments - - - -Amounts receivable on subscriptions 35,831.17 214.17 - 83,482.64Interest and dividends receivable 11,284,119.13 329.66 1,233,319.67 4,349,874.01Interest receivable on swaptions (13) - - - -Capitalized Start-up fees (2) - - - 19,039,395.83Receivable on currencies purchased - - - -Net unrealised profit on forward foreign exchangecontracts (10)(2) - - 601,037.80 -Net unrealised profit on swaptions (13)(2) - - - -Net unrealised profit on futures contracts (8)(2) - - - 8,974,630.10Net unrealised profit on Contracts for Differences (12)(2) - - - -Other assets - 47,190.10 - 10,281.77

TOTAL ASSETS 582,282,620.37 51,070,891.10 54,068,822.59 1,098,533,752.65

LIABILITIESBank overdraft and amounts due to brokers 145,042.14 - 1,938.05 -Options (written) at market value (2)(11) - - 246,582.81 511,548.90Amounts payable on purchase of investments - - - -Amounts payable on redemptions 1,751,111.58 26,855.60 134,028.78 770,279.07Net unrealised loss on forward foreign exchangecontracts (10)(2) 96,662.88 - - 2,798,883.74Net unrealised loss on future contracts (8)(2) 144,604.20 - - -Net unrealised loss on swaps (14) - - - -Management and distribution fees payable (3) 545,014.33 184,072.80 139,762.21 2,770,425.16Performance fees payable (4) - 85,198.41 1,278.49 473,273.06Unrealised capital gain tax on investments (2) - - - -Taxes and expenses payable 111,079.48 15,964.22 36,296.83 337,960.27Interest payable on Contracts for Differences (12)(2) - - - -Payable on currencies sold - - - -Other liabilities - - - -


TOTAL NET ASSETS 579,489,105.76 50,758,800.07 53,508,935.42 1,090,871,382.45

Net asset value per shareClass A - - - 5.303Class B - - - 5.474Class D 5.013 5.289 4.381 5.161Class I 5.723 6.187 5.238 6.166Class R 5.508 5.474 5.025 5.838Class S 5.602 5.725 - -

Number of shares outstandingClass A - - - 50,967,070.548Class B - - - 134,724,985.522Class D 424,146.870 201,307.375 200,168.588 3,666,016.752Class I 81,735,316.795 3,181,078.787 4,962,638.118 1,911,103.274Class R 19,120,962.969 5,344,810.315 5,300,720.632 8,981,152.450Class S 767,457.178 132,050.977 - -

UBI SICAV


13


Cedola Certa

2012-2015

Beta Neutral Long/Short Euro Cedola Certa

2013-2016


ASSETSInvestments in securities at market value (2) 137,781,676.20 17,705,056.33 11,662,924.88 539,601,729.33Options (purchased) at market value (2)(11) - - - -Cash at bank and brokers 641,673.38 2,432,367.87 7,822,505.30 3,276,425.01Amounts receivable on sale of investments - - - -Amounts receivable on subscriptions - 1,933.44 426.66 -Interest and dividends receivable 3,236,608.77 47,364.86 1,043.85 12,413,454.85Interest receivable on swaptions (13) - - - -Capitalized Start-up fees (2) 1,284,957.82 - - 5,690,752.76Receivable on currencies purchased - - - -Net unrealised profit on forward foreign exchangecontracts (10)(2) - - - -Net unrealised profit on swaptions (13)(2) - - - -Net unrealised profit on futures contracts (8)(2) - - - -Net unrealised profit on Contracts for Differences (12)(2) - 109,418.79 - -Other assets - 15,443.75 11,282.40 -

TOTAL ASSETS 142,944,916.17 20,311,585.04 19,498,183.09 560,982,361.95

LIABILITIESBank overdraft and amounts due to brokers - - - -Options (written) at market value (2)(11) - - - -Amounts payable on purchase of investments - - - -Amounts payable on redemptions 207,015.34 3,561.59 1,647.24 173,805.92Net unrealised loss on forward foreign exchangecontracts (10)(2) - - - -Net unrealised loss on future contracts (8)(2) - - 472,000.00 560,000.00Net unrealised loss on swaps (14) - - - -Management and distribution fees payable (3) 165,685.21 20,348.42 30,853.44 672,271.92Performance fees payable (4) - - - -Unrealised capital gain tax on investments (2) - - - -Taxes and expenses payable 43,340.91 34,127.56 3,628.88 168,527.24Interest payable on Contracts for Differences (12)(2) - 832.21 - -Payable on currencies sold - - - -Other liabilities - - - -

TOTAL LIABILITIES 416,041.46 58,869.78 508,129.56 1,574,605.08

TOTAL NET ASSETS 142,528,874.71 20,252,715.26 18,990,053.53 559,407,756.87

Net asset value per shareClass A - - - -Class B - - - -Class D - - - -Class I - 4.883 5.198 -Class R 5.536 - - 5.592Class S - - - -

Number of shares outstandingClass A - - - -Class B - - - -Class D - - - -Class I - 4,147,836.381 3,653,157.408 -Class R 25,745,843.458 - - 100,044,999.314Class S - - - -

UBI SICAV


14


Protezione e

Crescita 2017

Cedola Certa

2013-2017

Focus Italia Cedola Mercati

Emergenti


ASSETSInvestments in securities at market value (2) 45,204,306.42 539,896,398.21 121,284,187.83 389,738,238.69Options (purchased) at market value (2)(11) - - 213,064.90 -Cash at bank and brokers 1,201,412.55 1,626,544.35 1,375,031.54 1,818,899.69Amounts receivable on sale of investments - - - -Amounts receivable on subscriptions - - - -Interest and dividends receivable 626,515.14 11,218,915.89 1,227,047.39 8,659,674.18Interest receivable on swaptions (13) 75,013.79 - - -Capitalized Start-up fees (2) - 8,739,913.31 728,880.62 7,575,744.08Receivable on currencies purchased - - - -Net unrealised profit on forward foreign exchangecontracts (10)(2) - - - 4,768,604.92Net unrealised profit on swaptions (13)(2) 9,966,156.59 - - -Net unrealised profit on futures contracts (8)(2) - - - -Net unrealised profit on Contracts for Differences (12)(2) - - - -Other assets - - - 2,495.88

TOTAL ASSETS 57,073,404.49 561,481,771.76 124,828,212.28 412,563,657.44

LIABILITIESBank overdraft and amounts due to brokers - - 23,549.00 19,066.07Options (written) at market value (2)(11) - - 2,825.98 1,852,801.12Amounts payable on purchase of investments - - 76,500.00 -Amounts payable on redemptions 418,680.89 292,429.73 225,389.41 44,353.83Net unrealised loss on forward foreign exchangecontracts (10)(2) - - - -Net unrealised loss on future contracts (8)(2) - 640,000.00 238,062.14 -Net unrealised loss on swaps (14) - - - -Management and distribution fees payable (3) 69,248.73 785,434.59 96,169.27 785,516.14Performance fees payable (4) - - - -Unrealised capital gain tax on investments (2) - - - -Taxes and expenses payable 44,560.32 168,565.87 38,365.15 168,026.88Interest payable on Contracts for Differences (12)(2) - - - -Payable on currencies sold - - - -Other liabilities - - - -

TOTAL LIABILITIES 532,489.94 1,886,430.19 700,860.95 2,869,764.04

TOTAL NET ASSETS 56,540,914.55 559,595,341.57 124,127,351.33 409,693,893.40

Net asset value per shareClass A - - - -Class B - - - -Class D - - - -Class I - - - -Class R 6.462 5.485 6.060 4.058Class S - - - -

Number of shares outstandingClass A - - - -Class B - - - -Class D - - - -Class I - - - -Class R 8,749,910.070 102,028,262.530 20,484,410.922 100,949,495.785Class S - - - -

UBI SICAV


15


Protezione

Mercati

Emergenti

Multiasset

Europe 50

Global High Yield

Euro Hedged (1)

Consolidated


ASSETSInvestments in securities at market value (2) 115,071,841.59 646,553,221.75 318,730,466.83 6,464,696,966.67Options (purchased) at market value (2)(11) - - - 4,975,163.06Cash at bank and brokers 13,624,835.19 17,143,016.84 10,196,332.52 208,060,318.82Amounts receivable on sale of investments - 15,651.16 - 526,900.38Amounts receivable on subscriptions - - 291,550.73 597,143.06Interest and dividends receivable 33,561.64 3,421,969.61 5,799,858.63 90,275,832.03Interest receivable on swaptions (13) - - - 75,013.79Capitalized Start-up fees (2) 2,820,199.16 12,977,151.59 - 76,690,721.21Receivable on currencies purchased - - - 762,741.39Net unrealised profit on forward foreign exchangecontracts (10)(2) - 846,253.40 - 6,272,063.23Net unrealised profit on swaptions (13)(2) - - - 9,966,156.59Net unrealised profit on futures contracts (8)(2) - 1,580,641.37 - 10,669,722.46Net unrealised profit on Contracts for Differences (12)(2) - - - 109,418.79Other assets - 227,639.32 - 381,698.34

TOTAL ASSETS 131,550,437.58 682,765,545.04 335,018,208.71 6,874,059,859.82

LIABILITIESBank overdraft and amounts due to brokers 516.51 - 3.43 345,443.03Options (written) at market value (2)(11) - - - 2,613,758.81Amounts payable on purchase of investments - - - 1,996,833.71Amounts payable on redemptions 306,537.43 249,161.53 1,018,867.85 7,624,083.32Net unrealised loss on forward foreign exchangecontracts (10)(2) - - 8,780,938.28 43,587,253.57Net unrealised loss on future contracts (8)(2) - - - 2,497,584.61Net unrealised loss on swaps (14) 166,708.48 - - 166,708.48Management and distribution fees payable (3) 259,757.63 1,819,060.02 327,300.91 12,182,213.05Performance fees payable (4) - - 9,950.12 639,287.56Unrealised capital gain tax on investments (2) - - - 26,032.39Taxes and expenses payable 59,270.43 276,649.73 36,989.71 2,095,602.69Interest payable on Contracts for Differences (12)(2) - - - 832.21Payable on currencies sold - - - 764,209.40Other liabilities - 5,352.91 - 5,352.91

TOTAL LIABILITIES 792,790.48 2,350,224.19 10,174,050.30 74,545,195.74

TOTAL NET ASSETS 130,757,647.10 680,415,320.85 324,844,158.41 6,799,514,664.08

Net asset value per shareClass A - 5.392 -Class B - - -Class D - - -Class I - - 4.997Class R 4.631 - 4.941Class S - - -

Number of shares outstandingClass A - 126,186,585.951 -Class B - - -Class D - - -Class I - - 60,240,487.557Class R 28,236,643.773 - 4,818,280.914Class S - - -

UBI SICAV


16



Statement of Operation and Changes in Net Assetsfor the year/period ended December 31, 2014

Euro Fixed

Income

Euro Balanced

Risk Controlled (1)

Euro Equity USA Equity


NET ASSETS AT THE BEGINNING OF THE YEAR/

PERIOD 41,396,494.66 4,382,924.33 37,247,240.93 23,973,483.25

INCOMEDividends, net (2) - 15,121.27 957,185.70 273,719.73Interest on bonds, net 1,315,239.99 43,868.57 - -Bank interest 708.51 - - -Dividend on Contracts for Difference (12) - - - -Interest on swaps (14) - - - -Income from Securities Lending (9)(2) 4,513.73 632.72 34,070.96 442.20Other income - - 840.00 11,553.11TOTAL INCOME 1,320,462.23 59,622.56 992,096.66 285,715.04

EXPENSESManagement fees (3) 273,425.17 52,349.14 361,820.19 388,999.55Performance fees (4) - 1,605.86 55,237.69 40,739.22Custodian bank fees (7) 11,087.22 726.78 7,898.88 5,658.39Domiciliary and paying agent fees (7) 10,489.94 1,552.01 8,309.03 5,958.79Central administration services fees (5) 23,290.80 3,793.48 13,969.05 38,965.01Audit fees, printing and publication expenses 3,442.88 206.63 2,301.17 1,623.52Subscription tax (6) 12,974.26 1,635.69 7,283.39 9,556.70Bank charges and correspondent fees 19,146.69 2,710.27 5,643.79 17,095.35Bank interest 1,512.43 - 1,421.98 66.45Interest paid on Contracts for Difference (12) - - - -Interest paid on swaps - - - -Interest paid on swaptions (13) - - - -Start-up fees amortization (2) - - - -Legal fees 1,263.42 225.81 685.36 422.29Distribution fees (3) - - 6,952.19 6,870.16Other charges 690.07 53.09 592.57 479.07TOTAL EXPENSES 357,322.88 64,858.76 472,115.29 516,434.50

NET INCOME / (LOSS) FROM INVESTMENTS 963,139.35 (5,236.20) 519,981.37 (230,719.46)Net realised profit/(loss) on sale of investments (2) 2,050,941.53 89,986.03 1,701,518.69 5,575,461.54Net realised profit/(loss) on sale of options (2) (29,107.47) - - -Net realised profit/(loss) on futures (1,704,140.57) 36,133.72 - -Net realised profit/(loss) on forward foreign exchangecontracts 429,626.82 - - -Net realised profit/(loss) on foreign exchange 23,044.89 0.63 86,719.17 61,642.56Net realised profit/(loss) on contracts for difference - - - -Net realised profit/(loss) on swaps - - - -Net realised profit/(loss) on swaptions - - - -NET REALISED PROFIT/(LOSS) 1,733,504.55 120,884.18 2,308,219.23 5,406,384.64

Change in net unrealised appreciation/(depreciation) on:- investments 3,498,774.66 (136,157.78) 168,057.05 (315,659.40)- unrealised capital gain tax on investments - - - -- options 55,725.02 - - -- futures (227,198.92) (26,440.00) - -- swaptions - - - -- forward foreign exchange contracts 53,180.12 - - -- contracts for difference - - - -- swaps - - - -NET INCREASE/(DECREASE) IN NET ASSETS AS A

RESULT OF OPERATIONS 5,113,985.43 (41,713.60) 2,476,276.28 5,090,725.24

EVOLUTION OF THE CAPITALIssue of shares 45,128,557.82 415,969.15 12,606,799.50 11,655,683.33Redemption of shares (30,397,650.28) (4,757,179.88) (11,705,818.55) (13,411,119.19)Dividend paid (16) - - - -NET ASSETS AT THE END OF THE YEAR/PERIOD 61,241,387.63 - 40,624,498.16 27,308,772.63

UBI SICAV


17


Asia Pacific

Equity

Emerging

Markets Equity


Bond



PERIOD 47,116,642.47 162,678,768.27 11,956,245.74 132,842,406.64

INCOMEDividends, net (2) 1,317,691.20 4,048,580.11 310,502.11 -Interest on bonds, net - - - 4,480,038.97Bank interest 821.59 1,482.56 160.48 335.11Dividend on Contracts for Difference (12) - - - -Interest on swaps (14) - - - -Income from Securities Lending (9)(2) 6,265.80 23,835.42 2,901.64 5,737.31Other income - - - -TOTAL INCOME 1,324,778.59 4,073,898.09 313,564.23 4,486,111.39

EXPENSESManagement fees (3) 481,217.26 1,123,849.27 152,213.82 538,353.93Performance fees (4) 34,806.10 45,941.43 20,136.88 1,180.18Custodian bank fees (7) 11,989.96 31,073.98 2,795.89 28,069.72Domiciliary and paying agent fees (7) 10,834.47 29,100.18 3,703.73 25,962.10Central administration services fees (5) 78,358.20 129,433.41 51,622.67 47,123.77Audit fees, printing and publication expenses 5,394.44 17,316.03 560.96 8,496.89Subscription tax (6) 9,357.12 19,075.96 3,515.49 16,663.24Bank charges and correspondent fees 87,789.29 223,281.47 31,817.24 22,463.68Bank interest 1,143.80 2,854.82 281.96 1,526.56Interest paid on Contracts for Difference (12) - - - -Interest paid on swaps - - - -Interest paid on swaptions (13) - - - -Start-up fees amortization (2) - - - -Legal fees 908.29 2,276.49 - 49,496.75Distribution fees (3) 2,962.31 2,009.65 11,598.16 8,164.32Other charges 952.33 2,471.44 737.24 2,070.97TOTAL EXPENSES 725,713.57 1,628,684.13 278,984.04 749,572.11

NET INCOME / (LOSS) FROM INVESTMENTS 599,065.02 2,445,213.96 34,580.19 3,736,539.28Net realised profit/(loss) on sale of investments (2) 2,332,458.87 2,726,511.80 1,461,450.36 4,798,373.55Net realised profit/(loss) on sale of options (2) - - - (679,100.77)Net realised profit/(loss) on futures (25,750.47) 7,431.64 16,153.78 (2,220,296.27)Net realised profit/(loss) on forward foreign exchangecontracts (5,685.97) 188,219.60 1,848.01 -Net realised profit/(loss) on foreign exchange (202,441.06) (428,756.85) 2,010.11 62,089.63Net realised profit/(loss) on contracts for difference - - - -Net realised profit/(loss) on swaps - - - -Net realised profit/(loss) on swaptions - - - -NET REALISED PROFIT/(LOSS) 2,697,646.39 4,938,620.15 1,516,042.45 5,697,605.42

Change in net unrealised appreciation/(depreciation) on:- investments 5,587,347.30 10,069,565.76 1,031,710.88 2,494,564.58- unrealised capital gain tax on investments - 28,772.86 - -- options - - - 20,673.99- futures (1,662.11) 11,645.65 2,852.83 (458,500.00)- swaptions - - - -- forward foreign exchange contracts - - - -- contracts for difference - - - -- swaps - - - -NET INCREASE/(DECREASE) IN NET ASSETS AS A

RESULT OF OPERATIONS 8,283,331.58 15,048,604.42 2,550,606.16 7,754,343.99

EVOLUTION OF THE CAPITALIssue of shares 89,083,654.58 42,269,498.31 5,348,257.93 62,484,540.94Redemption of shares (27,374,744.09) (75,037,372.39) (5,333,203.03) (59,558,803.11)Dividend paid (16) - - - -NET ASSETS AT THE END OF THE YEAR/PERIOD 117,108,884.54 144,959,498.61 14,521,906.80 143,522,488.46

UBI SICAV


18

Statement of Operation and Changes in Net Assets (continued)for the year/period ended December 31, 2014

High Yield Bond Short Term

EUR

Euro Liquidity (1) Active Duration (1)



PERIOD 1,491,491,869.69 48,895,680.52 68,876,045.13 19,648,211.40

INCOMEDividends, net (2) 27,415.68 - - -Interest on bonds, net 96,608,252.41 795,675.70 1,692,798.93 271,612.13Bank interest - 84.10 571.47 90.98Dividend on Contracts for Difference (12) - - - -Interest on swaps (14) - - - -Income from Securities Lending (9)(2) 30,571.24 1,446.46 10,429.94 506.07Other income 269,256.53 - - -TOTAL INCOME 96,935,495.86 797,206.26 1,703,800.34 272,209.18

EXPENSESManagement fees (3) 10,635,634.02 191,661.55 163,221.11 57,453.84Performance fees (4) 182,838.89 - - 1.38Custodian bank fees (7) 298,037.57 11,067.45 15,129.45 2,770.93Domiciliary and paying agent fees (7) 335,313.41 10,868.34 14,969.53 3,626.84Central administration services fees (5) 454,545.03 21,003.55 25,277.10 8,533.83Audit fees, printing and publication expenses 131,405.15 3,330.97 5,262.19 797.81Subscription tax (6) 607,543.21 5,412.90 7,551.93 2,938.70Bank charges and correspondent fees 93,714.23 9,693.04 10,127.67 8,462.93Bank interest 28,561.81 591.33 824.30 1,044.45Interest paid on Contracts for Difference (12) - - - -Interest paid on swaps - - - -Interest paid on swaptions (13) - - - -Start-up fees amortization (2) 5,716,826.70 - - -Legal fees 25,351.10 3,750.35 1,320.86 392.33Distribution fees (3) 25,979.99 - - -Other charges 190,183.50 780.68 1,105.12 240.08TOTAL EXPENSES 18,725,934.61 258,160.16 244,789.26 86,263.12

NET INCOME / (LOSS) FROM INVESTMENTS 78,209,561.25 539,046.10 1,459,011.08 185,946.06Net realised profit/(loss) on sale of investments (2) (8,931,987.60) 326,204.57 (1,399,769.91) 681,916.65Net realised profit/(loss) on sale of options (2) - - - (114,114.87)Net realised profit/(loss) on futures - (124,090.00) - (1,028,541.36)Net realised profit/(loss) on forward foreign exchangecontracts (90,912,664.72) - - 29,152.79Net realised profit/(loss) on foreign exchange 2,598,603.88 4,921.06 2,429.06 90,956.73Net realised profit/(loss) on contracts for difference - - - -Net realised profit/(loss) on swaps - - - -Net realised profit/(loss) on swaptions - - - -NET REALISED PROFIT/(LOSS) (19,036,487.19) 746,081.73 61,670.23 (154,684.00)

Change in net unrealised appreciation/(depreciation) on:- investments 98,751,037.22 17,844.54 (36,518.75) (25,752.83)- unrealised capital gain tax on investments - - - -- options - - - (4,663.16)- futures - (5,930.00) (5,625.00) (48,742.67)- swaptions - - - -- forward foreign exchange contracts (53,380,839.31) - - -- contracts for difference - - - -- swaps - - - -NET INCREASE/(DECREASE) IN NET ASSETS AS A

RESULT OF OPERATIONS 26,333,710.72 757,996.27 19,526.48 (233,842.66)

EVOLUTION OF THE CAPITALIssue of shares 154,163,815.76 19,473,020.13 39,112,868.06 749,679.69Redemption of shares (360,712,335.76) (14,543,105.25) (23,444,857.86) (20,164,048.43)Dividend paid (16) (45,080,820.18) - - -NET ASSETS AT THE END OF THE YEAR/PERIOD 1,266,196,240.23 54,583,591.67 84,563,581.81 -

UBI SICAV


19



Active Beta Global Corporate

Bond

Euro Corporate

Short Term

Total Return

Defensive (1)



PERIOD 26,236,603.34 15,960,040.15 680,081,637.78 27,915,245.47

INCOMEDividends, net (2) - - - -Interest on bonds, net 717,538.16 566,931.37 21,307,129.52 488,928.91Bank interest 242.93 3.98 878.86 1,069.23Dividend on Contracts for Difference (12) - - - -Interest on swaps (14) - - - -Income from Securities Lending (9)(2) 3,616.81 40.45 4,535.26 2,013.06Other income - - - -TOTAL INCOME 721,397.90 566,975.80 21,312,543.64 492,011.20

EXPENSESManagement fees (3) 86,254.63 120,003.90 2,269,327.83 63,665.81Performance fees (4) - 212.40 - 3,990.75Custodian bank fees (7) 5,950.24 2,976.38 125,555.20 4,253.64Domiciliary and paying agent fees (7) 6,270.77 3,975.48 113,870.99 4,923.78Central administration services fees (5) 56,277.09 22,391.91 188,395.62 11,658.82Audit fees, printing and publication expenses 1,781.79 504.67 36,692.45 1,332.48Subscription tax (6) 2,917.29 4,200.14 105,317.54 2,767.22Bank charges and correspondent fees 35,122.81 5,255.41 94,733.08 6,166.04Bank interest 980.76 45.41 1,353.55 86.08Interest paid on Contracts for Difference (12) - - - -Interest paid on swaps - - - -Interest paid on swaptions (13) - - - -Start-up fees amortization (2) - - - -Legal fees 694.12 236.10 11,160.43 506.40Distribution fees (3) - 4,046.23 17,112.55 517.89Other charges 213.58 304.94 9,612.50 334.58TOTAL EXPENSES 196,463.08 164,152.97 2,973,131.74 100,203.49

NET INCOME / (LOSS) FROM INVESTMENTS 524,934.82 402,822.83 18,339,411.90 391,807.71Net realised profit/(loss) on sale of investments (2) (158,123.11) 334,527.85 (5,649,468.33) 658,071.00Net realised profit/(loss) on sale of options (2) (8,518.60) - (1,702,170.93) (54,709.68)Net realised profit/(loss) on futures 633,316.51 - (613,293.70) (175,827.01)Net realised profit/(loss) on forward foreign exchangecontracts (1,079.48) (721,297.52) (39,310.66) 19,171.95Net realised profit/(loss) on foreign exchange 38,919.26 20,291.82 (13,018.65) 47,632.34Net realised profit/(loss) on contracts for difference - - - -Net realised profit/(loss) on swaps - - - -Net realised profit/(loss) on swaptions - - - -NET REALISED PROFIT/(LOSS) 1,029,449.40 36,344.98 10,322,149.63 886,146.31

Change in net unrealised appreciation/(depreciation) on:- investments (252,373.80) 1,480,074.39 (742,150.63) (270,191.41)- unrealised capital gain tax on investments - - - -- options - - (29,750.00) 6,984.22- futures (11,010.29) - (105,754.20) (102,992.82)- swaptions - - - -- forward foreign exchange contracts 12,617.06 (441,193.97) (96,662.88) (41,709.56)- contracts for difference - - - -- swaps - - - -NET INCREASE/(DECREASE) IN NET ASSETS AS A

RESULT OF OPERATIONS 778,682.37 1,075,225.40 9,347,831.92 478,236.74

EVOLUTION OF THE CAPITALIssue of shares 11,533,705.96 2,969,288.76 132,218,291.40 2,485,038.13Redemption of shares (8,251,678.84) (7,200,304.88) (242,158,655.34) (30,878,520.34)Dividend paid (16) - - - -NET ASSETS AT THE END OF THE YEAR/PERIOD 30,297,312.83 12,804,249.43 579,489,105.76 -

UBI SICAV


20



Euro Equity High

Dividend

Emerging

Markets Bond

Global Dynamic

Allocation

Cedola Certa

2012-2015



PERIOD 54,538,921.91 81,839,450.62 1,169,447,124.35 198,047,537.41

INCOMEDividends, net (2) 1,685,095.06 - 7,543,756.66 -Interest on bonds, net - 4,260,747.83 15,025,869.07 5,932,257.37Bank interest 329.66 1,422.00 12,666.85 -Dividend on Contracts for Difference (12) - - - -Interest on swaps (14) - - - -Income from Securities Lending (9)(2) 65,308.86 804.53 168,202.95 -Other income - - 368,269.12 119,781.92TOTAL INCOME 1,750,733.58 4,262,974.36 23,118,764.65 6,052,039.29

EXPENSESManagement fees (3) 756,188.78 572,648.74 11,251,319.83 710,698.16Performance fees (4) 346,366.93 60,927.01 2,476,537.62 -Custodian bank fees (7) 10,716.33 11,868.00 234,103.80 35,067.92Domiciliary and paying agent fees (7) 10,711.92 11,865.24 351,458.16 61,455.54Central administration services fees (5) 18,588.94 123,165.97 344,332.63 52,896.81Audit fees, printing and publication expenses 7,953.61 10,687.69 77,542.87 12,051.67Subscription tax (6) 18,083.80 16,555.57 486,927.10 80,239.04Bank charges and correspondent fees 7,127.53 61,380.89 3,280,940.90 18,803.63Bank interest 329.66 65,521.22 44,598.59 363.08Interest paid on Contracts for Difference (12) - - - -Interest paid on swaps - - - -Interest paid on swaptions (13) - - - -Start-up fees amortization (2) - - 6,055,003.70 765,267.56Legal fees 1,092.27 1,192.25 17,054.04 3,356.34Distribution fees (3) 12,046.86 7,355.85 193,767.23 -Other charges 789.83 828.61 88,272.21 915.54TOTAL EXPENSES 1,189,996.46 943,997.04 24,901,858.68 1,741,115.29

NET INCOME / (LOSS) FROM INVESTMENTS 560,737.12 3,318,977.32 (1,783,094.03) 4,310,924.00Net realised profit/(loss) on sale of investments (2) 3,793,787.18 (12,315,041.53) 41,110,069.13 4,181,013.61Net realised profit/(loss) on sale of options (2) - (77,985.73) (7,489,373.39) (85,375.00)Net realised profit/(loss) on futures - - (402,790.01) -Net realised profit/(loss) on forward foreign exchangecontracts - 771,288.16 (5,296,068.53) -Net realised profit/(loss) on foreign exchange 0.01 (83,401.67) 1,487,266.98 466.17Net realised profit/(loss) on contracts for difference - - - -Net realised profit/(loss) on swaps - - - -Net realised profit/(loss) on swaptions - - - -NET REALISED PROFIT/(LOSS) 4,354,524.31 (8,386,163.45) 27,626,010.15 8,407,028.78

Change in net unrealised appreciation/(depreciation) on:- investments (1,246,250.48) 11,953,949.45 51,658,057.91 (4,412,643.36)- unrealised capital gain tax on investments - - - -- options - (251,314.09) (2,050,144.80) -- futures - - 8,332,640.09 -- swaptions - - - -- forward foreign exchange contracts - 439,238.63 (7,612,407.98) -- contracts for difference - - - -- swaps - - - -NET INCREASE/(DECREASE) IN NET ASSETS AS A


EVOLUTION OF THE CAPITALIssue of shares 13,803,214.41 9,599,388.32 31,538,998.36 -Redemption of shares (18,770,872.56) (41,685,614.06) (176,681,764.45) (54,270,885.56)Dividend paid (16) (1,920,737.52) - (11,387,131.18) (5,242,162.56)NET ASSETS AT THE END OF THE YEAR/PERIOD 50,758,800.07 53,508,935.42 1,090,871,382.45 142,528,874.71

UBI SICAV


21


Beta Neutral Long/Short Euro Cedola Certa

2013-2016

Protezione e

Crescita 2017



PERIOD 20,164,973.15 21,673,425.32 757,350,267.45 91,413,549.04

INCOMEDividends, net (2) 13,328.61 267,042.12 - -Interest on bonds, net 150,600.21 21,980.87 26,300,615.16 2,500,361.49Bank interest 96.38 - - -Dividend on Contracts for Difference (12) 4,145.09 - - -Interest on swaps (14) - - - 544,931.32Income from Securities Lending (9)(2) 4,267.18 10,786.72 - -Other income - - 457,907.44 394,745.29TOTAL INCOME 172,437.47 299,809.71 26,758,522.60 3,440,038.10

EXPENSESManagement fees (3) 79,574.50 128,974.53 2,814,030.82 314,518.00Performance fees (4) - - - -Custodian bank fees (7) 4,008.58 4,138.31 132,978.63 15,112.80Domiciliary and paying agent fees (7) 4,748.53 4,841.37 247,247.11 28,717.22Central administration services fees (5) 31,968.75 8,229.62 193,803.18 26,162.50Audit fees, printing and publication expenses 1,249.98 1,559.36 50,553.43 4,732.81Subscription tax (6) 1,970.54 1,921.58 305,047.15 34,097.48Bank charges and correspondent fees 35,321.24 9,469.93 68,775.90 7,785.57Bank interest 227.98 2,717.96 1,239.27 142.68Interest paid on Contracts for Difference (12) 40,453.67 - - -Interest paid on swaps - - - 141,991.47Interest paid on swaptions (13) - - - 2,430,288.68Start-up fees amortization (2) - - 2,970,750.43 347,408.34Legal fees 542.41 507.09 15,958.84 1,298.82Distribution fees (3) - - - -Other charges 10,153.07 155.93 3,480.11 10,666.30TOTAL EXPENSES 210,219.25 162,515.68 6,803,864.87 3,362,922.67

NET INCOME / (LOSS) FROM INVESTMENTS (37,781.78) 137,294.03 19,954,657.73 77,115.43Net realised profit/(loss) on sale of investments (2) 378,501.02 927,622.42 24,878,267.79 3,027,115.34Net realised profit/(loss) on sale of options (2) - - (1,519,826.79) 0.01Net realised profit/(loss) on futures (637,844.62) (379,563.33) (490,326.90) -Net realised profit/(loss) on forward foreign exchangecontracts - - - -Net realised profit/(loss) on foreign exchange (2,234.28) 19,350.40 934.63 (0.42)Net realised profit/(loss) on contracts for difference (122,358.38) - - -Net realised profit/(loss) on swaps - - - -Net realised profit/(loss) on swaptions - - - 6,322,826.45NET REALISED PROFIT/(LOSS) (421,718.04) 704,703.52 42,823,706.46 9,427,056.81

Change in net unrealised appreciation/(depreciation) on:- investments (196,178.74) (454,580.87) (18,042,867.04) (2,123,365.49)- unrealised capital gain tax on investments - - - -- options - - - -- futures 300,875.00 20,800.00 (560,000.00) -- swaptions - - - (2,954,515.78)- forward foreign exchange contracts - - - -- contracts for difference 109,091.81 - - -- swaps - - - -NET INCREASE/(DECREASE) IN NET ASSETS AS A

RESULT OF OPERATIONS (207,929.97) 270,922.65 24,220,839.42 4,349,175.54

EVOLUTION OF THE CAPITALIssue of shares 9,386,428.74 7,645,242.22 - -Redemption of shares (9,090,756.66) (10,599,536.66) (196,909,318.15) (39,221,810.03)Dividend paid (16) - - (25,254,031.85) -NET ASSETS AT THE END OF THE YEAR/PERIOD 20,252,715.26 18,990,053.53 559,407,756.87 56,540,914.55

UBI SICAV


22


Cedola Certa

2013-2017


Emergenti

Protezione

Mercati

Emergenti



PERIOD 715,242,012.83 177,183,896.35 433,779,055.41 141,245,041.46

INCOMEDividends, net (2) - - - -Interest on bonds, net 26,254,638.80 5,299,284.56 30,193,792.24 51,205.48Bank interest - 243.49 8,813.47 -Dividend on Contracts for Difference (12) - - - -Interest on swaps (14) - - - -Income from Securities Lending (9)(2) - - 6,323.47 -Other income 395,179.01 138,713.92 131,911.81 43,167.05TOTAL INCOME 26,649,817.81 5,438,241.97 30,340,840.99 94,372.53

EXPENSESManagement fees (3) 3,437,225.53 444,339.91 3,702,978.62 1,051,146.92Performance fees (4) - - - -Custodian bank fees (7) 133,263.96 30,542.36 88,015.25 28,107.43Domiciliary and paying agent fees (7) 248,487.70 57,020.97 163,235.46 52,726.09Central administration services fees (5) 196,676.52 46,945.08 203,272.33 41,267.96Audit fees, printing and publication expenses 39,704.18 21,657.68 31,712.33 5,572.08Subscription tax (6) 310,238.17 69,754.35 212,663.40 67,272.10Bank charges and correspondent fees 72,081.50 22,543.18 310,630.96 11,146.05Bank interest 647.23 2,203.87 643,943.51 650.03Interest paid on Contracts for Difference (12) - - - -Interest paid on swaps - - - -Interest paid on swaptions (13) - - - -Start-up fees amortization (2) 2,626,426.38 577,297.80 3,064,874.51 878,852.40Legal fees 10,632.80 2,850.76 9,385.30 2,257.17Distribution fees (3) - - - -Other charges 3,357.41 810.82 2,041.17 14,279.53TOTAL EXPENSES 7,078,741.38 1,275,966.78 8,432,752.84 2,153,277.76

NET INCOME / (LOSS) FROM INVESTMENTS 19,571,076.43 4,162,275.19 21,908,088.15 (2,058,905.23)Net realised profit/(loss) on sale of investments (2) 29,010,182.03 12,342,048.70 (47,150,956.64) 526,325.89Net realised profit/(loss) on sale of options (2) (1,871,348.22) (800,289.29) (217,329.45) -Net realised profit/(loss) on futures (560,373.60) (3,950,802.06) - -Net realised profit/(loss) on forward foreign exchangecontracts - - 6,222,355.00 -Net realised profit/(loss) on foreign exchange 5,583.34 109,024.46 (949,006.98) (12.68)Net realised profit/(loss) on contracts for difference - - - -Net realised profit/(loss) on swaps - - - 3,322,883.66Net realised profit/(loss) on swaptions - - - -NET REALISED PROFIT/(LOSS) 46,155,119.98 11,862,257.00 (20,186,849.92) 1,790,291.64

Change in net unrealised appreciation/(depreciation) on:- investments (3,703,109.45) 1,375,702.34 50,869,123.64 51,574.35- unrealised capital gain tax on investments - - - -- options - (55,881.02) (1,834,518.29) -- futures (640,000.00) (197,528.79) - -- swaptions - - - -- forward foreign exchange contracts - - 3,438,805.05 -- contracts for difference - - - -- swaps - - - (191,818.78)NET INCREASE/(DECREASE) IN NET ASSETS AS A


EVOLUTION OF THE CAPITALIssue of shares - - - -Redemption of shares (179,052,541.12) (61,944,386.98) (33,130,398.21) (12,137,441.57)Dividend paid (16) (18,406,140.67) (4,096,707.57) (23,241,324.28) -NET ASSETS AT THE END OF THE YEAR/PERIOD 559,595,341.57 124,127,351.33 409,693,893.40 130,757,647.10

UBI SICAV


23


Multiasset

Europe 50

Global High Yield

Euro Hedged (1)

Consolidated

Notes EUR EUR EUR


PERIOD 734,536,861.90 - 7,437,161,656.97

INCOMEDividends, net (2) 10,350,525.55 - 26,809,963.80Interest on bonds, net 9,589,285.64 4,817,614.44 258,686,267.82Bank interest 375.86 - 30,397.51Dividend on Contracts for Difference (12) - - 4,145.09Interest on swaps (14) - - 544,931.32Income from Securities Lending (9)(2) 208,386.43 - 595,639.21Other income 289,663.07 - 2,620,988.27TOTAL INCOME 20,438,236.55 4,817,614.44 289,292,333.02

EXPENSESManagement fees (3) 7,478,122.13 351,456.75 50,052,674.24Performance fees (4) 2,119,649.66 9,950.12 5,400,122.12Custodian bank fees (7) 150,386.04 14,167.53 1,457,518.62Domiciliary and paying agent fees (7) 245,735.33 9,222.18 2,087,202.21Central administration services fees (5) 220,973.49 30,853.02 2,713,776.14Audit fees, printing and publication expenses 44,394.29 4,588.70 534,410.71Subscription tax (6) 355,657.34 9,777.38 2,788,915.78Bank charges and correspondent fees 108,150.51 4,282.05 4,691,662.83Bank interest 20,885.00 1,593.01 827,358.78Interest paid on Contracts for Difference (12) - - 40,453.67Interest paid on swaps - - 141,991.47Interest paid on swaptions (13) - - 2,430,288.68Start-up fees amortization (2) 3,665,345.28 - 26,668,053.10Legal fees 37,300.22 1,113.29 203,231.70Distribution fees (3) - - 299,383.39Other charges 76,180.96 - 422,753.25TOTAL EXPENSES 14,522,780.25 437,004.03 100,759,796.69

NET INCOME / (LOSS) FROM INVESTMENTS 5,915,456.30 4,380,610.41 188,532,536.33Net realised profit/(loss) on sale of investments (2) 16,284,158.45 171,134.47 83,762,301.35Net realised profit/(loss) on sale of options (2) (250,034.30) - (14,899,284.48)Net realised profit/(loss) on futures (1,478,913.15) - (13,099,517.40)Net realised profit/(loss) on forward foreign exchangecontracts 3,562,357.22 (4,264,920.40) (90,017,007.73)Net realised profit/(loss) on foreign exchange 136,677.54 (30,297.44) 3,089,394.64Net realised profit/(loss) on contracts for difference - - (122,358.38)Net realised profit/(loss) on swaps - - 3,322,883.66Net realised profit/(loss) on swaptions - - 6,322,826.45NET REALISED PROFIT/(LOSS) 24,169,702.06 256,527.04 166,891,774.44

Change in net unrealised appreciation/(depreciation) on:- investments 16,178,120.64 8,966,206.85 232,193,911.53- unrealised capital gain tax on investments - - 28,772.86- options - - (4,142,888.13)- futures 1,791,998.50 - 8,069,427.27- swaptions - - (2,954,515.78)- forward foreign exchange contracts 651,357.23 (8,780,938.28) (65,758,553.89)- contracts for difference - - 109,091.81- swaps - - (191,818.78)NET INCREASE/(DECREASE) IN NET ASSETS AS A

RESULT OF OPERATIONS 42,791,178.43 441,795.61 334,245,201.33

EVOLUTION OF THE CAPITALIssue of shares - 332,095,698.52 1,035,767,640.02Redemption of shares (96,912,719.48) (7,693,335.72) (1,873,030,778.43)Dividend paid (16) - - (134,629,055.81)NET ASSETS AT THE END OF THE YEAR/PERIOD 680,415,320.85 324,844,158.41 6,799,514,664.08

UBI SICAV


24



Changes in the Number of Sharesfor the year/period ended December 31, 2014

Euro Fixed

Income

Euro Balanced Risk

Controlled (1)

Euro Equity

Class A

Number of shares outstanding at the beginning of the year/period - - -

Number of shares issued - - -

Number of shares redeemed - - -

Number of shares outstanding at the end of the year/period - - -

Class B





Class D

Number of shares outstanding at the beginning of the year/period - - 59,183.567

Number of shares issued - - 87,046.584

Number of shares redeemed - - (31,172.166)

Number of shares outstanding at the end of the year/period - - 115,057.985

Class I

Number of shares outstanding at the beginning of the year/period 3,151,236.207 - 4,859,926.017

Number of shares issued 2,295,381.572 - 1,773,156.031

Number of shares redeemed (669,201.816) - (1,150,009.643)

Number of shares outstanding at the end of the year/period 4,777,415.963 - 5,483,072.405

Class R

Number of shares outstanding at the beginning of the year/period 893,836.265 335,345.804 1,743,883.620

Number of shares issued 1,969,532.448 34,542.160 352,061.637

Number of shares redeemed (2,197,457.994) (369,887.964) (878,778.696)

Number of shares outstanding at the end of the year/period 665,910.719 - 1,217,166.561

Class S

Number of shares outstanding at the beginning of the year/period 91,574.541 69,075.151 34,764.238


Number of shares redeemed (21,559.997) (69,075.151) (8,295.673)

Number of shares outstanding at the end of the year/period 70,014.544 - 32,172.052

UBI SICAV

25


USA Equity Asia Pacific

Equity

Emerging

Markets Equity

Class A





Class B





Class D


Number of shares issued 62,414.542 9,280.711 35,904.656


Number of shares outstanding at the end of the year/period 96,471.210 27,427.311 43,581.701

Class I

Number of shares outstanding at the beginning of the year/period 1,073,432.116 6,545,460.703 27,165,948.224

Number of shares issued 970,320.606 14,033,606.431 7,234,512.775

Number of shares redeemed (1,008,737.719) (4,087,579.390) (12,642,267.062)

Number of shares outstanding at the end of the year/period 1,035,015.003 16,491,487.744 21,758,193.937

Class R





Class S



Number of shares redeemed - (1,500.000) (50,520.313)


UBI SICAV

26

Changes in the Number of Shares (continued)for the year/period ended December 31, 2014


Bond

High Yield Bond

Class A

Number of shares outstanding at the beginning of the year/period - - 230,737,092.814


Number of shares redeemed - - (21,133,892.671)

Number of shares outstanding at the end of the year/period - - 209,603,200.143

Class B





Class D





Class I



Number of shares redeemed (662,674.429) (7,632,645.003) (23,081,492.839)


Class R

Number of shares outstanding at the beginning of the year/period 687,733.349 1,074,238.377 6,008,816.836


Number of shares redeemed (94,845.577) (371,768.742) (2,699,338.255)

Number of shares outstanding at the end of the year/period 678,105.176 878,506.761 3,925,442.980

Class S

Number of shares outstanding at the beginning of the year/period - 32,227.184 64,070.517



Number of shares outstanding at the end of the year/period - 16,996.000 47,876.230

UBI SICAV

27


Short Term EUR Euro Liquidity (1) Active Duration (1)

Class A





Class B





Class D





Class I


Number of shares issued 2,471,210.397 5,381,063.356 -

Number of shares redeemed (623,706.535) (3,114,702.476) (2,582,607.079)

Number of shares outstanding at the end of the year/period 13,274,831.272 14,064,905.834 -

Class R


Number of shares issued 2,771,125.972 2,133,989.367 146,899.410



Class S


Number of shares issued - 133,364.499 -


Number of shares outstanding at the end of the year/period - 112,086.326 -

UBI SICAV

28




Bond

Euro Corporate

Short Term

Class A





Class B





Class D


Number of shares issued - 102,266.457 219,689.593



Class I


Number of shares issued 2,216,283.622 255,932.121 19,877,637.335

Number of shares redeemed (1,585,570.937) (654,084.002) (35,368,536.434)


Class R

Number of shares outstanding at the beginning of the year/period - 1,411,001.105 23,149,804.104

Number of shares issued - 164,993.518 3,086,922.849

Number of shares redeemed - (580,351.032) (7,115,763.984)

Number of shares outstanding at the end of the year/period - 995,643.591 19,120,962.969

Class S

Number of shares outstanding at the beginning of the year/period - - 708,626.236


Number of shares redeemed - - (121,394.765)

Number of shares outstanding at the end of the year/period - - 767,457.178

UBI SICAV

29


Total Return

Defensive (1)

Euro Equity High

Dividend

Emerging

Markets Bond

Class A





Class B





Class D





Class I




Number of shares outstanding at the end of the year/period - 3,181,078.787 4,962,638.118

Class R

Number of shares outstanding at the beginning of the year/period 663,028.254 5,739,691.530 6,904,748.431


Number of shares redeemed (709,502.512) (997,039.306) (2,182,680.962)


Class S

Number of shares outstanding at the beginning of the year/period - 38,417.851 -

Number of shares issued - 93,633.126 -


Number of shares outstanding at the end of the year/period - 132,050.977 -

UBI SICAV

30



Global Dynamic

Allocation

Cedola Certa

2012-2015

Beta Neutral

Class A

Number of shares outstanding at the beginning of the year/period 56,264,629.021 - -


Number of shares redeemed (5,297,558.473) - -

Number of shares outstanding at the end of the year/period 50,967,070.548 - -

Class B





Class D


Number of shares issued 1,490,793.482 - -



Class I

Number of shares outstanding at the beginning of the year/period 3,871,104.510 - 4,082,465.551

Number of shares issued 1,299,553.996 - 1,932,769.552

Number of shares redeemed (3,259,555.232) - (1,867,398.722)


Class R

Number of shares outstanding at the beginning of the year/period 7,767,701.163 35,304,056.833 -


Number of shares redeemed (1,700,815.348) (9,558,213.375) -


Class S





UBI SICAV

31


Long/Short Euro Cedola Certa

2013-2016

Protezione e

Crescita 2017

Class A





Class B





Class D





Class I





Class R

Number of shares outstanding at the beginning of the year/period - 135,327,000.527 14,780,333.862


Number of shares redeemed - (35,282,001.213) (6,030,423.792)


Class S





UBI SICAV

32


Cedola Certa

2013-2017


Emergenti

Class A





Class B





Class D





Class I





Class R





Class S





UBI SICAV

33


Protezione

Mercati

Emergenti

Multiasset

Europe 50

Global High Yield

Euro Hedged (1)

Class A

Number of shares outstanding at the beginning of the year/period - 144,369,671.568 -


Number of shares redeemed - (18,183,085.617) -

Number of shares outstanding at the end of the year/period - 126,186,585.951 -

Class B





Class D





Class I


Number of shares issued - - 61,532,841.306

Number of shares redeemed - - (1,292,353.749)

Number of shares outstanding at the end of the year/period - - 60,240,487.557

Class R


Number of shares issued - - 5,068,502.121

Number of shares redeemed (2,637,747.355) - (250,221.207)


Class S





UBI SICAV

34



Statistics

Euro Fixed

Income

Euro Balanced Risk

Controlled (1)

Euro Equity

EUR EUR EUR

Total Net Asset Value

December 31, 2014 61,241,387.63 - 40,624,498.16

December 31, 2013 41,396,494.66 4,382,924.33 37,247,240.93

December 31, 2012 64,337,173.83 5,668,887.35 39,246,121.06

NAV per share of the end of the year/period

December 31, 2014

Class A - - -

Class B - - -

Class D - - 5.585

Class I 11.228 - 6.063

Class R 10.771 - 5.351

Class S 6.136 - 6.944

December 31, 2013

Class A - - -

Class B - - -

Class D - - 5.392

Class I 10.183 - 5.708

Class R 9.842 11.949 5.138

Class S 5.578 5.441 6.610

December 31, 2012

Class I 10.184 - 4.560

Class R 9.915 11.329 4.198

Class S 5.592 5.118 5.352

UBI SICAV

35


USA Equity Asia Pacific

Equity

Emerging

Markets Equity

EUR EUR EUR


December 31, 2014 27,308,772.63 117,108,884.54 144,959,498.61

December 31, 2013 23,973,483.25 47,116,642.47 162,678,768.27

December 31, 2012 24,709,613.54 40,779,735.08 90,522,618.59


December 31, 2014

Class A - - -

Class B - - -

Class D 6.361 5.407 5.316

Class I 9.043 6.599 6.155

Class R 8.176 5.883 5.540

Class S 9.819 8.224 6.707

December 31, 2013

Class A - - -

Class B - - -

Class D 5.377 4.877 4.916

Class I 7.476 5.811 5.561

Class R 6.871 5.277 5.095

Class S 8.175 7.311 6.113

December 31, 2012

Class I 5.937 5.273 5.964

Class R 5.576 4.884 5.561

Class S 6.574 6.709 6.616

UBI SICAV

36

Statistics (continued)


Bond

High Yield Bond

EUR EUR EUR


December 31, 2014 14,521,906.80 143,522,488.46 1,266,196,240.23

December 31, 2013 11,956,245.74 132,842,406.64 1,491,491,869.69

December 31, 2012 15,073,956.16 193,582,235.02 297,112,988.08


December 31, 2014

Class A - - 4.961

Class B - - -

Class D 5.998 5.244 5.052

Class I 7.599 7.598 9.708

Class R 6.853 7.152 9.179

Class S - 6.420 7.032

December 31, 2013

Class A - - 5.085

Class B - - -

Class D 5.082 5.021 5.029

Class I 6.291 7.166 9.488

Class R 5.776 6.807 9.061

Class S - 6.074 6.914

December 31, 2012

Class I 5.225 6.908 9.064

Class R 4.877 6.629 8.742

Class S - 5.885 6.643

UBI SICAV

37


Short Term EUR Euro Liquidity (1) Active Duration (1)

EUR EUR EUR


December 31, 2014 54,583,591.67 84,563,581.81 -

December 31, 2013 48,895,680.52 68,876,045.13 19,648,211.40

December 31, 2012 49,703,008.89 66,374,869.74 17,838,040.83


December 31, 2014

Class A - - -

Class B - - -

Class D - - -

Class I 3.734 5.152 -

Class R 3.703 5.019 -

Class S - 5.012 -

December 31, 2013

Class A - - -

Class B - - -

Class D - - -

Class I 3.676 5.149 5.268

Class R 3.667 5.038 5.137

Class S - 5.014 5.241

December 31, 2012

Class I 3.612 5.147 5.136

Class R 3.626 5.059 5.049

Class S - 5.017 5.132

UBI SICAV

38




Bond

Euro Corporate

Short Term

EUR EUR EUR


December 31, 2014 30,297,312.83 12,804,249.43 579,489,105.76

December 31, 2013 26,236,603.34 15,960,040.15 680,081,637.78

December 31, 2012 28,552,677.78 21,633,317.82 947,524,614.47


December 31, 2014

Class A - - -

Class B - - -

Class D - 5.202 5.013

Class I 5.292 6.081 5.723

Class R - 5.925 5.508

Class S - - 5.602

December 31, 2013

Class A - - -

Class B - - -

Class D - 4.892 4.990

Class I 5.150 5.623 5.630

Class R - 5.522 5.456

Class S - - 5.524

December 31, 2012

Class I 5.079 5.624 5.535

Class R - 5.569 5.401

Class S - - 5.444

UBI SICAV

39


Total Return

Defensive (1)

Euro Equity High

Dividend

Emerging

Markets Bond

EUR EUR EUR


December 31, 2014 - 50,758,800.07 53,508,935.42

December 31, 2013 27,915,245.47 54,538,921.91 81,839,450.62

December 31, 2012 36,926,480.10 72,158,410.05 93,631,794.03


December 31, 2014

Class A - - -

Class B - - -

Class D - 5.289 4.381

Class I - 6.187 5.238

Class R - 5.474 5.025

Class S - 5.725 -

December 31, 2013

Class A - - -

Class B - - -

Class D 5.017 5.222 4.106

Class I 5.265 5.929 4.814

Class R 5.134 5.375 4.677

Class S - 5.574 -

December 31, 2012

Class I 5.205 5.013 5.683

Class R 5.108 4.652 5.579

Class S - 4.781 -

UBI SICAV

40



Global Dynamic

Allocation

Cedola Certa

2012-2015

Beta Neutral

EUR EUR EUR


December 31, 2014 1,090,871,382.45 142,528,874.71 20,252,715.26

December 31, 2013 1,169,447,124.35 198,047,537.41 20,164,973.15

December 31, 2012 37,534,795.43 274,104,785.25 22,639,911.98


December 31, 2014

Class A 5.303 - -

Class B 5.474 - -

Class D 5.161 - -

Class I 6.166 - 4.883

Class R 5.838 5.536 -

Class S - - -

December 31, 2013

Class A 5.150 - -

Class B 5.113 - -

Class D 4.863 - -

Class I 5.689 - 4.939

Class R 5.460 5.610 -

Class S - - -

December 31, 2012

Class I 5.396 - 4.899

Class R 5.235 5.627 -

Class S - - -

UBI SICAV

41


Long/Short Euro Cedola Certa

2013-2016

Protezione e

Crescita 2017

EUR EUR EUR


December 31, 2014 18,990,053.53 559,407,756.87 56,540,914.55

December 31, 2013 21,673,425.32 757,350,267.45 91,413,549.04

December 31, 2012 23,680,927.57 958,059,214.91 134,551,888.59


December 31, 2014

Class A - - -

Class B - - -

Class D - - -

Class I 5.198 - -

Class R - 5.592 6.462

Class S - - -

December 31, 2013

Class A - - -

Class B - - -

Class D - - -

Class I 5.130 - -

Class R - 5.596 6.185

Class S - - -

December 31, 2012

Class I 4.986 - -

Class R - 5.462 5.502

Class S - - -

UBI SICAV

42


Cedola Certa

2013-2017


Emergenti

EUR EUR EUR


December 31, 2014 559,595,341.57 124,127,351.33 409,693,893.40

December 31, 2013 715,242,012.83 177,183,896.35 433,779,055.41

December 31, 2012 781,043,520.96 268,981,480.04 559,493,602.72


December 31, 2014

Class A - - -

Class B - - -

Class D - - -

Class I - - -

Class R 5.485 6.060 4.058

Class S - - -

December 31, 2013

Class A - - -

Class B - - -

Class D - - -

Class I - - -

Class R 5.323 5.712 3.974

Class S - - -

December 31, 2012

Class I - - -

Class R 5.128 5.564 4.921

Class S - - -

UBI SICAV

43


Protezione

Mercati

Emergenti

Multiasset

Europe 50

Global High Yield

Euro Hedged (1)

EUR EUR EUR


December 31, 2014 130,757,647.10 680,415,320.85 324,844,158.41

December 31, 2013 141,245,041.46 734,536,861.90 -

December 31, 2012 - - -


December 31, 2014

Class A - 5.392 -

Class B - - -

Class D - - -

Class I - - 4.997

Class R 4.631 - 4.941

Class S - - -

December 31, 2013

Class A - 5.088 -

Class B - - -

Class D - - -

Class I - - -

Class R 4.575 - -

Class S - - -

December 31, 2012

Class I - - -

Class R - - -

Class S - - -

UBI SICAV

44



Euro Fixed Income

Statement of Investmentsas at December 31, 2014

(expressed in EUR)

Description Face value/

Quantity

Currency Cost Evaluation % net

assets

Transferable securities and money market instruments listed on an official stock exchange

Bonds

2i Rete Gas 1.125% 14-02.01.20 100,000 EUR 99,524.00 99,950.00 0.16A2a 3.625% 13-13.01.22 200,000 EUR 223,974.00 226,191.19 0.37Adif Alta V 3.5% 14-27.05.24 100,000 EUR 112,340.00 114,258.10 0.19Air France 3.875% 14-18.06.21 100,000 EUR 99,250.00 100,320.00 0.16Alstom 4.125% 10-01.02.17 100,000 EUR 107,850.00 107,568.20 0.18Areva 3.125% 14-20.03.23 100,000 EUR 101,728.00 96,120.00 0.16Arrfp 2.25% 14-16.01.20 100,000 EUR 99,810.00 106,850.00 0.17Att 1.45% 14-01.06.22 200,000 EUR 199,428.00 204,380.00 0.33Axa 3.941%(Frn) 14-Perp 100,000 EUR 99,650.00 100,333.00 0.16Barclays 1.5% 14-01.04.22 130,000 EUR 130,676.00 131,062.75 0.21Bayer Ag 3% 14-01.07.75 75,000 EUR 76,312.50 77,171.25 0.13Bbvasm 3.5% 14-11.04.24 100,000 EUR 104,000.00 103,420.40 0.17Bco Esp San 2.625% 14-08.05.17 100,000 EUR 91,800.00 93,036.60 0.15Bei 5.625%98-15.02.28 90,200 EUR 88,627.79 136,932.34 0.22Bfcm 1.625% 13-11.01.18 100,000 EUR 103,570.00 103,483.30 0.17Bk Ireland 2.75% 13-05.06.16 200,000 EUR 203,721.00 204,678.60 0.33Bmw Fin 3.25% 12-14.01.19 150,000 EUR 154,812.00 167,207.25 0.27Bnpp 2.625% 14-14.10.27 100,000 EUR 98,220.00 100,568.60 0.16Bnpp 4.73% 06-Perp 200,000 EUR 195,740.00 205,000.00 0.33Boa 2.5% 13-27.07.20 Regs 100,000 EUR 108,520.00 108,684.00 0.18Bpce 2.75% 14-08.07.26 100,000 EUR 99,743.00 101,301.60 0.17Bpcm 2.994% 12-18.02.19 180,000 EUR 192,117.60 196,894.07 0.32Brit Sky Br 1.5% 14-15.09.21 100,000 EUR 100,219.00 101,727.00 0.17Btps 3.5% 14-01.03.30 /Btp 1,500,000 EUR 1,579,635.00 1,675,693.47 2.74Casino Gp 3.994% 12-09.03.20 100,000 EUR 114,860.00 114,783.60 0.19Citigp 4.75% 04-10.02.19 200,000 EUR 198,215.00 199,300.00 0.33Cloverie 1.75% 14-16.09.24 100,000 EUR 102,572.00 104,577.70 0.17Credit Agri 2.375% 13-27.11.20 200,000 EUR 215,960.00 220,135.60 0.36Cs Ag Ldn 1.375% 14-31.01.22 250,000 EUR 252,125.00 256,972.50 0.42Dnb Bank As 3% 13-26.09.23 100,000 EUR 105,050.00 104,559.80 0.17Dt An Fin 3.125% 13-25.07.19 100,000 EUR 109,450.00 109,786.30 0.18Edf 3.875% 12-18.01.22 100,000 EUR 110,825.00 121,055.40 0.20Edf 5% 14-Perp 100,000 EUR 101,025.00 110,875.00 0.18Enbw Intl 2.5% 14-04.06.26 100,000 EUR 108,376.00 110,128.70 0.18Enel 5% 14-15.01.75 100,000 EUR 106,450.00 105,900.00 0.17Everything 3.25% 12-03.08.18 100,000 EUR 107,210.00 108,159.20 0.18Ewe Ag 4.125% 11-04.11.20 130,000 EUR 142,138.10 153,305.10 0.25Fga Cap Ie 2.625% 14-17.04.19 150,000 EUR 155,128.50 155,539.65 0.25Fiat 2.75% 14-18.03.19 100,000 EUR 101,550.00 101,346.60 0.17France 4% 06-25.10.38 Oat 1,700,000 EUR 1,972,185.53 2,438,622.72 3.98Gas Nat Fen 3.875% 13-11.04.22 100,000 EUR 117,694.00 118,460.20 0.19Ge Cap Eur 3.625% 11-15.06.17 100,000 EUR 107,850.00 107,641.70 0.18Ge Cap Iv 4.625% (Frn) 09-66 /Sub 100,000 EUR 104,480.00 103,198.00 0.17Gen Motors 1.875% 14-15.10.19 100,000 EUR 100,883.00 101,613.70 0.17Generali Fi 4.596% 14-Perp 100,000 EUR 100,000.00 101,386.60 0.17Germany 1.5% 13-15.02.23* 1,200,000 EUR 1,198,908.00 1,312,223.96 2.14Germany 1.5% 13-15.05.23* 5,000,000 EUR 4,896,000.00 5,471,104.80 8.93Germany 1.75% 14-15.02.24 3,500,000 EUR 3,608,400.00 3,895,150.04 6.36Germany 2.5% 12-04.07.44 2,200,000 EUR 2,401,050.00 2,797,101.98 4.57Germany 2.5% 14-15.08.46 200,000 EUR 211,414.00 256,508.00 0.42Glencore Fin 5.25% 10-22.03.17 100,000 EUR 109,840.00 109,721.00 0.18Gs 2.5% 14-18.10.21 100,000 EUR 107,460.00 108,390.40 0.18Hannover Ru 3.375% 14-Perp 100,000 EUR 100,740.00 100,250.60 0.16Heathrow Fd 1.875% 14-23.05.22 100,000 EUR 104,450.00 105,780.00 0.17Hsbc Fr 1.875% 13-16.01.20 100,000 EUR 99,217.00 106,436.00 0.17Hsbc Hldg 5.25% 14-Perp 200,000 EUR 198,480.00 200,000.00 0.33Iberdrola 4.25% 12-11.10.18 100,000 EUR 113,210.00 113,300.30 0.18Imp Tobacco 2.25% 14-26.02.21 150,000 EUR 150,404.00 159,207.00 0.26Infra Foch 1.25% 14-16.10.20 100,000 EUR 100,424.00 101,180.00 0.16Ing Nv 1.25% 14-13.12.19 150,000 EUR 149,625.00 154,812.00 0.25

UBI SICAV

45

* securities partially or totally lent (see note 9)


Quantity


assets

Intesa San 3.928% 14-15.09.26 150,000 EUR 153,435.00 153,097.50 0.25Intesa Sanpa 6.625% 08-18 Emtn 250,000 EUR 280,625.00 274,887.26 0.45Italy 0% 13-31.12.15 /Ctz 3,500,000 EUR 3,488,205.00 3,484,915.00 5.69Italy 1.65% 14-23.04.20 Btp 2,000,000 EUR 2,027,892.92 2,052,210.26 3.35Italy 2.15% 13-12.11.17 Infl 1,000,000 EUR 1,039,837.53 1,033,089.48 1.69Italy 2.25% 13-22.04.17 Btp /Infl 1,200,000 EUR 1,237,987.96 1,234,393.55 2.02Italy 2.45% 12-26.03.16 /Infl 2,700,000 EUR 2,771,047.05 2,752,264.01 4.49Italy 2.55% 12-22.10.16 Infl 2,200,000 EUR 2,261,077.85 2,264,810.94 3.70Italy 2.55% 09-15.09.41/Infl 2,000,000 EUR 1,774,457.34 2,407,744.80 3.93Italy 3.75% 14-01.09.24 Btp 3,500,000 EUR 3,804,900.91 4,084,115.11 6.67Italy 4.75% 13-01.09.44 Btp 1,700,000 EUR 1,886,770.00 2,201,738.14 3.59Jef 2.375% 14-20.05.20 100,000 EUR 102,561.01 101,738.80 0.17Jpm 1.375% 14-16.09.21 150,000 EUR 151,254.00 154,052.70 0.25Kellogg Co 1.75% 14-24.05.21 100,000 EUR 103,620.00 104,359.00 0.17Kering 1.375% 14-01.10.21 100,000 EUR 101,680.00 102,778.60 0.17Lafarge Sa 4.75% 13-30.09.20 300,000 EUR 329,675.00 354,375.00 0.58Lloyds 1% 14-19.11.21 100,000 EUR 99,529.00 101,128.10 0.16Lottomatica 8.25% (Tv) 06-66 Regs 50,000 EUR 54,175.00 53,987.50 0.09Mor St 1.875% 14-30.03.23 100,000 EUR 99,647.00 103,512.60 0.17Pemex 3.125% 13-27.11.20 100,000 EUR 109,700.00 106,300.00 0.17Pernod Ric 2.125% 14-27.09.24 100,000 EUR 103,010.00 104,655.10 0.17Peugeot 7.375% 13-06.03.18 100,000 EUR 116,120.00 115,344.60 0.19Philip Mor 1.875% 14-03.03.21 200,000 EUR 200,767.00 212,325.20 0.35Portel 5.875% 12-17.04.18 100,000 EUR 108,950.00 107,499.00 0.18Portugal 4.75% 09-14.06.19 1,400,000 EUR 1,566,018.00 1,596,840.00 2.61Pubfp 1.625% 14-16.12.24 100,000 EUR 99,307.00 101,060.00 0.16Rabobk 2.5% 14-26.05.26 100,000 EUR 99,740.00 101,705.00 0.17Rbs Grp 3.625% 14-25.03.24 200,000 EUR 200,874.00 201,969.60 0.33Repsm 4.875% 12-19.02.19 100,000 EUR 116,901.00 115,336.80 0.19Sampo Bk 1.5% 14-16.09.21 100,000 EUR 101,370.00 102,181.00 0.17Sanpolo Vi 4.75%/Frn 14-Perp 100,000 EUR 100,000.00 101,750.00 0.17Sant Id 1.375% 14-25.03.17 100,000 EUR 101,910.00 101,737.00 0.17Santander 6.25% 14-Perp 100,000 EUR 98,000.00 97,500.00 0.16Shb 2.656% 14-15.01.24 100,000 EUR 104,430.00 104,270.20 0.17Smithkline 0.625% 14-02.12.19 100,000 EUR 99,501.00 100,670.00 0.16Snam 1.5% 14-24.04.19 150,000 EUR 151,500.00 154,368.45 0.25Socgen 6.75% 14-Perp 100,000 EUR 100,990.00 97,050.00 0.16Solvay Fin 4.199% /Frn 13-Perp 100,000 EUR 101,055.00 104,050.80 0.17Spanish Gov 3.8% 14-30.04.24 3,000,000 EUR 3,287,327.55 3,589,110.04 5.86St Gobain 3.625% 12-15.06.21 100,000 EUR 100,687.33 116,530.20 0.19Std Chart 1.625% 14-13.06.21 100,000 EUR 102,012.00 102,580.00 0.17Tele.Italia 5.375% 04-19 Emtn 200,000 EUR 221,800.00 223,135.80 0.36Telefonica 3.961% 26.03.21 100,000 EUR 116,050.00 117,695.20 0.19Tesco Corp 1.375% 14-01.07.19 100,000 EUR 98,063.00 95,263.60 0.16Thyssenkp 4%13-27.08.18 Emtn 100,000 EUR 107,625.00 107,605.00 0.18Total Cap 1.375% 14-19.03.25 100,000 EUR 98,879.00 100,594.60 0.16Ubs Ln 4.75% 14-12.02.26 200,000 EUR 207,675.00 214,150.00 0.35Ucb 5.75% 09-10.12.16 75,000 EUR 81,487.50 81,937.50 0.13Unicredit 3.25% 14-14.01.21 150,000 EUR 164,355.00 164,025.60 0.27Unicredit 5.75% 13-28.10.25 200,000 EUR 216,598.00 216,096.80 0.35Vw Intl Fin Frn 13 Ftf /Perp 100,000 EUR 106,350.00 106,250.00 0.17

52,912,346.97 56,682,131.31 92.55

Total - Transferable securities and money market instruments listed on an official

stock exchange 52,912,346.97 56,682,131.31 92.55

UBI SICAV

46

Euro Fixed Income

Statement of Investments (continued)as at December 31, 2014

(expressed in EUR)


Quantity


assets

Financial Instruments

Options

Call Usd/Jpy Spot Cross 13/02/15 120 7,000,000 USD 34,971.98 85,524.71 0.14Put Eur/Usd Spot -Cross Rates 16/01/15 1 7,000,000 EUR 18,760.00 29,722.00 0.05

53,731.98 115,246.71 0.19

Total - Financial Instruments 53,731.98 115,246.71 0.19

TOTAL INVESTMENT PORTFOLIO 52,966,078.95 56,797,378.02 92.74

UBI SICAV

47

Euro Fixed Income


(expressed in EUR)

Euro Fixed Income

Geographical and Economic Classification of Investmentsas at December 31, 2014

(expressed as a percentage of net assets)

Economic breakdown %

States, provinces, and municipalities 72.74

Banks and financial institutions 7.49

Holding and Finance Companies 4.56

Public Services 1.74

Communications 1.23

Construction, Building Materials 0.77

Insurance 0.66

Tobacco and Spirits 0.52

Electronics and Electrical Equipment 0.36

Retail 0.36

Transportation 0.33

Supranational 0.22

Automobile Industry 0.19

Miscellaneous 0.19

Mines, Heavy Industries 0.18

Real Estate Companies 0.18

Aerospace Technology 0.17

Food and Distilleries 0.17

Petrol 0.17

Graphic art, publishing 0.16

Chemicals 0.13

Pharmaceuticals and Cosmetics 0.13

Leisure 0.09

Cash and Other Assets / (Liabilities) 7.26

100.00

Geographical breakdown %

Italy 40.76

Germany 23.14

France 8.49

Spain 6.74

Great Britain 3.63

Portugal 2.76

Netherlands 2.30

United States Of America 2.30

Ireland 0.93

Luxembourg 0.57

Finland 0.17

Jersey 0.17

Mexico 0.17

Norway 0.17

Sweden 0.17

Japan 0.14

Belgium 0.13


100.00

UBI SICAV

48

Euro Equity


(expressed in EUR)


Quantity


assets


Shares

Allianz Se /Nam.Vinkuliert 6,000 EUR 566,469.41 824,100.00 2.03Aryzta Ag /Nam. 8,000 CHF 539,821.69 511,933.31 1.26Autogrill Spa 94,216 EUR 379,677.72 588,850.00 1.45Bayer 16,000 EUR 1,176,741.14 1,808,000.00 4.45Bme* 26,000 EUR 564,604.89 835,640.00 2.06Cap Gemini Sa 17,000 EUR 561,631.51 1,011,160.00 2.49Deutsche Telekom /Nam. 85,000 EUR 816,390.69 1,126,250.00 2.77Endesa Sa 25,546 EUR 344,871.00 422,786.30 1.04Eni Spa Roma* 55,000 EUR 957,904.64 798,050.00 1.96Eutelsat Communications Paris 53,000 EUR 1,312,478.79 1,420,135.00 3.50Finmeccanica /Post Regroup.* 56,000 EUR 503,349.00 433,160.00 1.07Henkel /Vorzug 12,000 EUR 748,744.04 1,073,040.00 2.64Inditex 72,000 EUR 814,253.57 1,706,760.00 4.20Intesa Sanpaolo* 636,000 EUR 1,311,403.23 1,540,392.00 3.79Jeronimo Martins Sgps Sa 142,000 EUR 1,315,752.60 1,183,570.00 2.91Koninklijke Ahold Nv 156,000 EUR 1,527,533.55 2,301,780.00 5.67Nordea Bank Ab 27,137 SEK 238,704.34 260,305.46 0.64Nordea Bank Ab /Finn.Dep.Rec 115,000 EUR 957,130.71 1,108,025.00 2.73Osram Licht Akt. 1,300 EUR 28,610.06 42,588.00 0.11Pernod - Ricard 9,000 EUR 733,982.78 830,340.00 2.04Prysmian Spa 110,000 EUR 1,478,923.18 1,666,500.00 4.10Sampo Plc A 51,000 EUR 902,479.01 1,979,820.00 4.87Scor Se* 32,000 EUR 558,271.68 806,240.00 1.99Ses Sa /Fdr 28,000 EUR 522,256.89 832,020.00 2.05Shire Plc 21,000 GBP 775,702.36 1,226,239.10 3.02Siemens Ag /Nam. 13,000 EUR 976,663.28 1,218,750.00 3.00Total Sa 51,000 EUR 2,205,149.43 2,168,520.00 5.34Unicredit Az 177,000 EUR 1,151,404.22 944,295.00 2.32Unilever Cert.of Shs 35,254 EUR 888,944.79 1,150,690.56 2.83Usg People Nv 86,000 EUR 821,723.69 802,638.00 1.98Volkswagen Ag /Vorzug. 7,000 EUR 1,176,799.34 1,292,550.00 3.18World Duty Free Spa 103,140 EUR 539,966.49 821,510.10 2.02

27,398,339.72 34,736,637.83 85.51


stock exchange 27,398,339.72 34,736,637.83 85.51

Other transferable securities and money market instruments

Shares

Evonik Industr -Shs-* 29,000 EUR 847,887.15 786,625.00 1.93847,887.15 786,625.00 1.93

Total - Other transferable securities and money market instruments 847,887.15 786,625.00 1.93


UBI SICAV

49


Euro Equity




Retail 14.80


Communications 8.92

Insurance 8.89

Petrol 7.30

Chemicals 6.38




Miscellaneous 3.02

Various capital goods 3.00

Consumer goods 2.64

Internet software 2.49

Business Houses 2.06


Other services 1.98

Leisure 1.45





100.00


Germany 20.11

Italy 16.71

France 15.36

Netherlands 10.48

Spain 7.30

Finland 4.87

Sweden 3.37

Jersey 3.02

Portugal 2.91

Luxembourg 2.05

Switzerland 1.26


100.00

UBI SICAV

50

USA Equity


(expressed in EUR)


Quantity


assets


Investments Funds

Spdr S&P 500 Etf Trust S.1 2,682 USD 459,241.20 455,421.42 1.67459,241.20 455,421.42 1.67

Shares

21st Century -Shs -A- 10,747 USD 265,495.96 341,049.86 1.25Activision Blizzard Inc 11,532 USD 148,347.49 192,009.42 0.70Adt Corporation 16,103 USD 381,675.34 482,078.74 1.77Altera Corp 13,520 USD 329,867.00 412,682.86 1.51Anadarko Petrol.Corp. 5,781 USD 361,627.59 394,093.95 1.44Apple Inc 5,393 USD 247,415.92 491,885.09 1.80Bank of America Corp 33,618 USD 399,547.92 496,964.15 1.82Benchmark Electronics Inc 12,050 USD 211,632.18 253,306.89 0.93Boeing Co 3,575 USD 295,555.54 383,968.35 1.41Brinks Co. 11,652 USD 298,150.63 235,023.40 0.86Bristol Myers Squibb Co 11,306 USD 451,072.58 551,473.46 2.02Brocade Comm.Systems Inc 50,641 USD 354,830.76 495,446.57 1.81Cadence Design Systems 23,334 USD 257,576.96 365,762.67 1.34Calpine Corp 13,674 USD 190,178.39 250,045.96 0.92Carnival Corp 16,484 USD 474,096.31 617,434.90 2.26Cobalt Intl Energy Inc 18,982 USD 240,311.84 139,439.75 0.51Comcast Corp /-A- 9,985 USD 255,233.99 478,623.24 1.75Constellium -Shs -A- 17,441 USD 306,344.77 236,783.70 0.87Cvs Caremark Corp 5,413 USD 294,062.86 430,776.76 1.58Delta Air Lines 6,506 USD 156,339.32 264,444.01 0.97Diamond Foods Inc 19,073 USD 390,203.14 444,910.59 1.63Diebold Inc 16,599 USD 440,326.18 475,119.29 1.74Fedex Corp. 1,789 USD 193,321.60 256,716.03 0.94Firstenergy Corp 9,279 USD 256,870.92 298,949.11 1.09Fortinet 19,605 USD 322,435.13 496,685.92 1.82Gamestop Corp -A- 7,047 USD 215,477.95 196,817.55 0.72Goldman Sachs Group Inc. 3,153 USD 367,601.02 504,995.86 1.85Google Inc Shs -C- 611 USD 207,328.29 265,766.32 0.97Guidewire Software Inc 8,641 USD 250,583.62 361,505.40 1.32Hologic Inc 23,554 USD 406,698.41 520,437.91 1.91Hyatt Hotels Corp -A- 8,137 USD 308,027.02 404,832.90 1.48Impax Laboratories Inc. 11,808 USD 223,207.78 309,103.82 1.13Jds Uniphase Corp 24,880 USD 227,046.38 282,063.79 1.03Jpmorgan Chase & Co 10,918 USD 400,310.62 564,574.81 2.07Juniper Networks Inc. 12,718 USD 236,683.99 234,561.03 0.86Laredo Petroleum Inc 20,139 USD 321,096.30 172,234.88 0.63Lear Corp 5,161 USD 232,818.91 418,270.43 1.53Live Nation Entertainment Inc 17,434 USD 271,240.26 376,137.61 1.38Lululemon Athletica Inc 4,917 USD 188,617.71 226,672.81 0.83Manpowergroup Inc 5,754 USD 285,990.74 324,120.13 1.19Markit Ltd 9,754 USD 187,957.95 213,021.17 0.78Maxim Integrated Products 11,309 USD 270,472.96 297,816.75 1.09Merck 8,117 USD 310,344.40 380,899.38 1.39Metlife Inc 9,331 USD 322,870.19 417,049.90 1.53Microsoft Corp 9,972 USD 262,390.24 382,746.16 1.40Mondelez International Inc Wi 14,479 USD 308,447.07 434,597.32 1.59Monsanto Co 3,880 USD 266,411.36 383,030.57 1.40Mylan Inc 8,376 USD 332,619.26 390,146.36 1.43Noble Energy 8,574 USD 335,312.88 336,031.09 1.23Nrg Energy Inc *Ope* 8,030 USD 212,430.71 178,820.44 0.65Pfizer Inc. Pfizer Inc. 12,102 USD 278,110.66 311,500.00 1.14Pinnacle Entertainment Inc 26,243 USD 458,516.87 482,487.81 1.77Pnc Financial Services Gp 6,371 USD 349,696.19 480,272.95 1.76Polycom Inc 29,429 USD 266,115.46 328,285.82 1.20Potash Corp Saskatchewan 15,210 USD 379,305.46 443,907.78 1.63Ppl Corp 14,458 USD 345,982.41 434,026.72 1.59Rice Energy Shs 8,719 USD 149,107.27 151,080.34 0.55

UBI SICAV

51


Quantity


assets

Rovi Corp 28,161 USD 459,782.62 525,662.69 1.93Schlumberger Ltd 3,163 USD 216,118.46 223,229.08 0.82Shire Plc / Adr 2,596 USD 386,053.35 455,919.55 1.67Siemens Ag / Sadr 2,847 USD 274,062.60 263,480.42 0.96Symetra Financial 11,461 USD 166,355.79 218,291.23 0.80Target Corp 5,699 USD 266,912.28 357,470.74 1.31Terex Corp. 13,546 USD 385,283.89 312,066.17 1.14Thomson-Reuters Corp 8,265 USD 226,187.85 275,500.00 1.01United Technologies Corp 3,066 USD 273,549.66 291,348.54 1.07Vivendi 17,178 EUR 314,625.36 355,412.82 1.30Vivendi /Adr 7,567 USD 105,813.88 155,191.65 0.57Voya Financial 10,375 USD 234,468.07 363,322.18 1.33Wells Fargo & Co 12,223 USD 331,175.12 553,681.09 2.03Wendy S Co 68,500 USD 441,435.07 511,117.99 1.87Zions Bancorp 16,497 USD 354,372.52 388,637.80 1.42

21,137,537.18 25,943,822.43 95.00

Total - Transferable securities and money market instruments listed on an official stock

exchange 21,596,778.38 26,399,243.85 96.67


UBI SICAV

52

USA Equity


(expressed in EUR)

USA Equity






Leisure 10.06



Office Equipment, Computers 4.59


Electronic Semiconductor 4.34

Communications 4.04

Petrol 4.04


Chemicals 3.03

Transportation 2.77


Insurance 2.33


Biotechnology 1.67

Investment Funds 1.67



Retail 1.31

Consumer goods 1.19

Mechanics, Machinery 1.14




Textile 0.83


100.00



Canada 2.64

Panama 2.26

France 1.87

Great Britain 1.67

Germany 0.96

Netherlands 0.87

Netherlands Antilles 0.82

Bermuda 0.78


100.00

UBI SICAV

53

Asia Pacific Equity


(expressed in EUR)


Quantity


assets


Bonds

USA 0% 14-19.03.15 Tb 285,000 USD 226,542.30 235,495.68 0.20226,542.30 235,495.68 0.20

Investments Funds

Capitacommercial Trust /Reit 38,000 SGD 36,265.95 41,577.32 0.03Capitamall Trust /Reit 49,000 SGD 58,696.81 62,319.22 0.05Gpt Group /Stapled Security 173,952 AUD 486,214.24 511,588.78 0.44Ishares /Msci All C As Ex-Jp* 42,500 USD 2,106,981.92 2,139,749.63 1.83Ishares /Msci Japan Index Fd 62,500 USD 581,178.96 580,482.56 0.50The Link Reit 154,500 HKD 622,688.72 799,199.08 0.68

3,892,026.60 4,134,916.59 3.53

Shares

Abc Mart Inc 15,000 JPY 616,114.13 602,625.31 0.51Adaro Energy 124,200 IDR 9,488.35 8,614.40 0.01Advanced Semiconduct.Eng.Inc 500,000 TWD 465,645.02 498,083.04 0.43Agricult Bk China /H-Shares 1,891,125 HKD 668,843.80 789,848.06 0.67Aia Group 71,226 HKD 246,244.72 327,458.75 0.28Airports of Thailand Pub./-F- 98,900 THB 557,055.08 700,263.98 0.60Alfresa Hld Corp Tokyo 14,800 JPY 147,897.10 148,902.55 0.13Amada Co.Ltd 6,700 JPY 39,572.06 47,878.56 0.04Amcor Ltd 14,700 AUD 125,843.39 134,964.46 0.12Anz Banking Group 56,526 AUD 1,253,062.34 1,226,366.55 1.05Aozora Bank Ltd 240,000 JPY 640,132.61 618,543.71 0.53Asahi Breweries 400 JPY 9,294.19 10,326.98 0.01Asahi Kasei Corp 105,000 JPY 621,211.74 799,899.82 0.68Asia Cement Corp 33,000 TWD 32,344.67 33,650.02 0.03Asm Pacific Technology Ltd 2,600 HKD 20,721.63 20,499.46 0.02Astellas Pharma Inc 35,500 JPY 405,660.06 412,574.37 0.35Asustek Computer Inc 15,000 TWD 132,991.60 135,894.31 0.12Au Optronics Corp 448,000 TWD 161,234.21 189,757.87 0.16Bank of China Ltd -H- 2,238,765 HKD 766,830.63 1,042,382.72 0.89Bank of Communications Co -H- 638,000 HKD 353,503.70 492,148.88 0.42Bank of Queensland Ltd 4,992 AUD 41,951.82 41,107.80 0.04Bgk D Medic 26,100 THB 9,761.57 11,271.59 0.01Bhp Billiton Ltd 70,611 AUD 1,674,861.39 1,402,098.86 1.20Bk Negara Indo Tbk 1,495,200 IDR 530,549.08 608,274.10 0.52Boc Hong Kong Holdings Ltd 74,500 HKD 185,915.92 205,982.77 0.18Bridgestone Corp 8,900 JPY 225,385.09 257,527.39 0.22British American Tobacco 13,100 MYR 210,920.82 201,452.58 0.17Brother Industries Ltd 4,800 JPY 63,354.62 72,902.16 0.06Bts Group Hldg - Foreign Regist 225,800 THB 55,454.75 54,710.12 0.05Canon Inc.* 1,725 JPY 44,529.75 45,652.49 0.04Cathay Financial Holding 163,450 TWD 184,619.04 200,644.52 0.17Cathay Pacific Airways 25,000 HKD 45,802.02 45,015.70 0.04Central Japan Railway Co 2,900 JPY 256,391.53 362,512.37 0.31Chang Hwa Commercial Bank 999,000 TWD 472,727.46 474,077.01 0.40Cheung Kong Holdings Hkd 0.5 40,000 HKD 513,237.02 555,317.88 0.47Cheung Kong Infrastructure Hld 66,000 HKD 358,013.61 403,638.96 0.34Chimei Innolux Corporation 1,575,000 TWD 575,494.35 634,173.45 0.54China Citic Bk -H- 1,172,000 HKD 544,755.15 776,703.48 0.66China Communications Constr -H- 88,000 HKD 75,834.23 87,478.55 0.07China Construction Bank Corp 1,450,462 HKD 845,687.64 984,425.92 0.84China Development Fin.Hld Co 254,000 TWD 63,054.83 67,075.18 0.06China Everbright Intl Ltd 34,000 HKD 35,478.24 41,804.40 0.04China Life Insurance Co Ltd -H- 204,000 HKD 484,392.46 661,842.60 0.57China Merchants Bank /-H- 57,000 HKD 77,759.17 118,182.98 0.10China Mobile Ltd 122,599 HKD 1,117,278.57 1,182,150.47 1.01China Petroleum&Chem Corp H 733,609 HKD 454,184.63 488,519.52 0.42

UBI SICAV

54



Quantity


assets

China Railway Group Ltd -H- 688,000 HKD 265,615.55 467,677.39 0.40China Resources Power Holdings 256,000 HKD 508,438.26 545,515.65 0.47China State Constr Int Hld Ltd 34,000 HKD 40,296.40 39,485.96 0.03China Telecom Corp Ltd 1,104,000 HKD 515,935.04 534,025.73 0.46China Unico (Hk) 346,000 HKD 395,397.93 383,395.22 0.33Chongqing Rural Shs -H- 760,000 HKD 315,630.51 391,109.15 0.33Chubu Electric Power C. Jpy 500 13,300 JPY 120,798.34 130,007.54 0.11Chugoku Electr.Power Jpy 500 6,100 JPY 62,491.42 66,416.27 0.06Chuo Mitsui Trust Holdings Inc 56,000 JPY 169,697.12 178,749.21 0.15Citic Pacific Ltd 120,000 HKD 163,658.50 169,024.61 0.14Cj Corporation 280 KRW 37,366.45 32,844.82 0.03Cn Everbr Bk /H 1,408,000 HKD 538,196.19 633,070.91 0.54Cn Reso Cement 1,078,000 HKD 582,767.26 576,580.21 0.49Cnooc Ltd 150,000 HKD 202,337.40 166,851.08 0.14Cochlear Limited 987 AUD 47,890.83 51,849.01 0.04Comfortdelgro Corporation Ltd 43,000 SGD 52,420.72 69,700.77 0.06Commonwealth Bank of Australia 44,516 AUD 2,369,514.22 2,577,779.87 2.20Csl Ltd 17,851 AUD 849,683.83 1,046,125.48 0.89Dai Nippon Printing Co.Ltd 5,000 JPY 37,911.94 37,556.41 0.03Daicel Chemical Industries Co. 64,000 JPY 453,809.82 625,379.67 0.53Daikin Industries Ltd 9,000 JPY 390,825.48 484,374.30 0.41Daito Trust Construct. 700 JPY 68,091.44 66,085.50 0.06Daiwa H. Industr.Co. Ltd 11,000 JPY 153,401.80 173,813.81 0.15Daiwa Securities Group Inc 26,000 JPY 144,309.87 169,779.77 0.14Datang Int.Power Generation -H- 50,000 HKD 18,834.02 22,214.85 0.02Dbs Group Holdings Ltd 36,221 SGD 442,770.34 465,182.56 0.40Digi.Com Bhd 53,700 MYR 72,269.28 78,267.24 0.07Dongbu Insurance Co Ltd 12,250 KRW 524,288.48 506,620.81 0.43Electric Power Development Co 2,400 JPY 59,533.13 67,477.50 0.06Evergrande Real 1,568,000 HKD 514,601.17 524,581.49 0.45Fanuc Ltd Jpy 50 8,200 JPY 1,094,936.21 1,127,029.92 0.96Federation - Quadruple Stapled 308,636 AUD 525,675.22 598,867.58 0.51Felda Global Ventures Hld 18,600 MYR 19,127.90 9,578.33 0.01First Financial Holding Comp. 139,000 TWD 67,455.50 67,779.82 0.06Fortescue Metals Group Ltd* 68,213 AUD 148,566.51 126,363.03 0.11Foxconn Technology Co Ltd 273,000 TWD 617,150.69 608,861.42 0.52Fubon Financial Holding Co Ltd 573,000 TWD 645,674.49 759,572.72 0.65Fuji Electric Holdings Co Ltd 176,000 JPY 608,293.27 587,010.11 0.50Fuji Heavy Industries Ltd 32,000 JPY 426,587.63 948,213.17 0.81Fujifilm Holdings Corp 9,900 JPY 226,186.14 252,488.63 0.22Fujitsu Ltd 150,000 JPY 693,638.47 665,988.82 0.57Global Telecom Inc 1,250 PHP 39,257.41 39,938.88 0.03Glow Energy Public Co Ltd 9,763 THB 22,634.47 21,878.01 0.02Golden Agri-Resources Ltd 297,000 SGD 95,930.76 85,174.59 0.07Guangzhou Investment Co Ltd 130,000 HKD 17,981.46 20,637.97 0.02Hakuhodo Dy Hld Inc 71,500 JPY 526,179.17 571,546.52 0.49Hankyu Hanshin Holdings Inc 23,000 JPY 100,177.32 102,863.21 0.09Henderson Land Dev. 119,600 HKD 543,994.05 691,939.72 0.59Hisamisu Pharmaceutcal Co 1,100 JPY 28,119.42 28,728.93 0.02Hitachi Ltd 2,000 JPY 11,197.79 12,413.60 0.01Hitachi Metals Ltd 5,000 JPY 66,579.84 71,047.08 0.06Hokuriku Elec.Jpy 500 3,100 JPY 30,518.70 32,898.04 0.03Hon Hai Precision Ind.Co Ltd 373,840 TWD 731,962.63 859,174.58 0.73Honda Motor Co.Ltd* 4,975 JPY 98,704.88 120,882.36 0.10Hong Leong Bank Bhd 49,400 MYR 171,199.14 163,137.83 0.14Hongkong Electric Holdings Ltd 60,000 HKD 424,262.07 481,055.30 0.41Hopewell Holdings Ltd 118,500 HKD 328,265.08 357,938.71 0.31Hoya Corp 13,000 JPY 334,745.57 367,742.70 0.31Hua Nan Financial Holding Co 93,000 TWD 42,299.63 43,160.66 0.04Huaneng Power Intl H 582,000 HKD 471,733.08 649,862.57 0.55Hynix Semiconductor Inc 27,879 KRW 900,363.99 1,001,001.69 0.85Hysan Development Co 159,000 HKD 551,864.85 586,999.34 0.50Hyundai Mobis 1,229 KRW 231,068.20 218,096.22 0.19

UBI SICAV

55

Asia Pacific Equity


(expressed in EUR)



Quantity


assets

Hyundai Steel Co 12,222 KRW 627,263.68 583,579.80 0.50Ihi Corp 13,000 JPY 39,817.95 55,273.39 0.05Ijm Corporation Bhd 43,400 MYR 68,647.16 67,355.90 0.06Ind & Com Boc -H- 1,147,481 HKD 583,493.35 691,989.00 0.59Inpex Corp 16,400 JPY 164,519.14 152,060.04 0.13Insurance Australia Group Ltd 164,146 AUD 661,326.00 693,605.69 0.59Ioi Corporation Bhd 35,800 MYR 42,206.39 40,592.41 0.03Isuzu Motors Ltd 59,500 JPY 614,946.89 607,443.90 0.52Itochu Corp 3,400 JPY 29,885.95 30,271.15 0.03Japan Air Lines Co.Jpy 50 2,400 JPY 52,310.58 59,538.97 0.05Japan Tobacco Inc. 41,200 JPY 1,026,950.17 944,861.35 0.81Jfe Holdings Inc 9,400 JPY 141,873.26 174,636.61 0.15Jg Summit Holdings Inc 49,260 PHP 49,949.37 60,045.18 0.05Jollibee Foods Corp. 9,050 PHP 29,037.83 35,935.76 0.03Jx Holdings 47,583 JPY 169,322.15 154,046.69 0.13Kangwon Land Inc 846 KRW 21,637.54 19,338.74 0.02Kansai Electr. Power C. Jpy 500 14,800 JPY 114,867.61 117,082.28 0.10Kao Corp.* 6,100 JPY 179,378.70 199,963.41 0.17Kddi Corp. 23,000 JPY 914,253.11 1,210,425.82 1.03Keisei Electric Railway 5,000 JPY 43,893.13 50,752.83 0.04Keppel Corp Ltd 28,000 SGD 179,311.01 154,488.82 0.13Kerry Properties Ltd 205,000 HKD 534,508.06 614,850.48 0.52Keyence Corp. 900 JPY 308,980.41 333,728.31 0.28Kingboard Chemicals Holdings 229,000 HKD 360,176.69 319,627.42 0.27Kobe Steel Ltd 488,000 JPY 581,718.32 702,835.45 0.60Koito Manufacturing Co Ltd 14,000 JPY 212,990.12 357,440.53 0.31Komatsu Ltd 20,400 JPY 375,923.61 377,311.66 0.32Korea Electric Power Corp. 18,448 KRW 585,140.55 592,326.84 0.51Korea Zinc Co Ltd 1,201 KRW 356,386.17 364,393.64 0.31Kt&g Corporation 11,416 KRW 692,556.67 653,255.18 0.56Kubota Corp 3,000 JPY 34,530.99 36,405.60 0.03Kuraray Co Ltd 7,000 JPY 64,411.57 66,471.40 0.06Kyushu Electr.Power Co /Jpy 500 8,900 JPY 78,410.95 74,210.08 0.06Largan Precision Co Ltd 400 TWD 9,187.66 25,047.96 0.02Lawson Inc 11,400 JPY 601,419.11 572,690.44 0.49Leighton Hld Ltd 37,358 AUD 460,869.96 568,287.97 0.49Lend Lease Group 59,923 AUD 612,622.76 664,415.45 0.57Lg Corp 1,148 KRW 62,643.42 52,829.63 0.05Lg Display Co Ltd 25,482 KRW 628,420.20 644,767.03 0.55Lg Electronics Inc 11,736 KRW 579,830.61 521,545.05 0.45Lg Telecom Ltd 57,625 KRW 461,985.81 498,302.45 0.43Lotte Shopping Ltd 169 KRW 40,927.64 34,692.34 0.03Macquarie Group Ltd 5,390 AUD 215,254.87 212,414.98 0.18Marubeni Corp. 35,600 JPY 184,570.23 177,785.28 0.15Maruichi Steel Tube 500 JPY 9,414.25 8,858.49 0.01Mass Transit Railway Corp 56,500 HKD 175,100.94 191,431.24 0.16Mazda Motor Corp 39,100 JPY 760,546.17 788,789.67 0.67Medibank Private Ltd 274,504 AUD 414,139.28 447,268.23 0.38Mediceo Paltac Holdings Co Ltd 39,400 JPY 364,311.33 381,469.74 0.33Mega Financial Holding Company 177,000 TWD 113,058.39 113,151.13 0.10Metcash Ltd /Deferred Delivery 148,604 AUD 292,043.10 186,370.32 0.16Minebea Co Ltd 57,000 JPY 603,743.07 708,596.40 0.61Misc Bhd /Local 301,700 MYR 477,498.82 514,556.48 0.44Mitsubishi Chemical Hldgs Corp 23,000 JPY 84,009.04 93,274.27 0.08Mitsubishi Corp 57,800 JPY 880,536.43 883,041.44 0.75Mitsubishi Electric Corp 98,000 JPY 945,172.55 976,521.75 0.83Mitsubishi Gas Chemical 8,000 JPY 38,746.44 33,463.10 0.03Mitsubishi Heavy Industries 62,000 JPY 285,716.57 286,170.18 0.24Mitsubishi Materials Corp 243,000 JPY 594,501.70 673,162.44 0.57Mitsubishi Tanabe Pharma Corp 3,700 JPY 43,034.09 45,129.71 0.04Mitsubishi Ufj Financial Group 396,000 JPY 1,620,120.39 1,813,333.66 1.55Mitsui & Co Ltd 35,300 JPY 411,532.62 394,438.42 0.34Mixi Inc 2,300 JPY 81,775.18 71,005.73 0.06

UBI SICAV

56

Asia Pacific Equity


(expressed in EUR)



Quantity


assets

Mizuho Financial Group Inc 770,900 JPY 1,048,805.79 1,075,748.20 0.92Murata Manufacturing Co Ltd 10,300 JPY 859,467.07 940,460.71 0.80Namco Bandai Hldg 22,600 JPY 441,306.90 399,313.52 0.34Nan Ya Plastics Corp 82,000 TWD 142,337.56 140,430.66 0.12National Australia Bank Ltd 14,448 AUD 307,267.62 328,208.13 0.28Nec Corp 230,000 JPY 602,247.15 559,487.12 0.48New China Life Insurance Co -H- 14,500 HKD 39,473.62 60,483.52 0.05New World Development Co. Ltd 463,000 HKD 440,049.70 440,030.82 0.38Nexon Co Ltd 2,800 JPY 21,883.05 21,706.92 0.02Ngk Insulators Ltd 5,000 JPY 90,555.05 85,931.82 0.07Ngk Spark Plug Co Ltd 3,300 JPY 59,506.11 83,571.62 0.07Nidec Corp 4,100 JPY 203,228.76 221,817.80 0.19Nippon Meat Packers 35,000 JPY 505,702.92 636,253.80 0.54Nippon Steel Corp 140,000 JPY 264,010.44 290,293.81 0.25Nippon Tel&Tel 17,000 JPY 655,692.81 727,608.90 0.62Nippon Yusen K K 35,000 JPY 78,657.14 82,486.28 0.07Nissan Motor Co.Ltd 54,300 JPY 392,611.52 395,514.46 0.34Nitori Co Ltd 1,800 JPY 86,562.67 80,377.61 0.07Nitto Denko Corp 3,400 JPY 132,222.60 158,689.26 0.14Noble Group Ltd 52,000 SGD 37,872.14 36,957.62 0.03Nok Corp 28,300 JPY 515,092.17 602,604.63 0.51Nomura Research Inst Ltd 14,200 JPY 363,333.57 362,546.83 0.31Novatek Microelectronics Corp 130,000 TWD 491,530.11 605,020.56 0.52Nsk Ltd 54,000 JPY 510,071.00 536,594.94 0.46Obayashi Corp. 12,000 JPY 63,361.39 64,748.63 0.06Olam International Ltd 411,000 SGD 555,974.31 517,593.67 0.44Omron Corp 18,700 JPY 636,332.33 702,304.84 0.60Oriental Land Co Ltd 4,200 JPY 608,902.02 803,155.85 0.69Orix Corp 75,300 JPY 819,023.02 790,542.07 0.67Otsuka Holdings Co Ltd 30,500 JPY 721,249.27 760,214.06 0.65Oversea - Chinese Bk Corp 456 SGD 2,508.64 2,973.67 -Panasonic Corp 102,800 JPY 860,737.51 1,010,891.72 0.86Pccw Ltd 560,000 HKD 261,772.51 316,228.60 0.27Pegatron Corporation - Usd Eq. 354,000 TWD 495,658.42 675,667.30 0.58Petrochina Co Ltd /-H- 1,098,000 HKD 1,039,078.55 1,006,092.81 0.86Ping An Insur.(Grp) Co -H- 64,500 HKD 399,620.07 543,592.49 0.46Posco* 1,405 KRW 294,504.63 291,059.76 0.25Pou Chen Corp 45,000 TWD 44,171.41 45,239.27 0.04Ppb Group Bhd 4,600 MYR 15,816.81 15,538.69 0.01Pt Bank Central Asia Tbk 37,700 IDR 32,801.12 32,999.77 0.03Pt Indofood Sukses 84,900 IDR 36,815.21 38,219.21 0.03Ptt Expl.Prod.Public /For.Reg 26,000 THB 94,482.15 73,115.21 0.06Ptt Plc Co Ltd /Foreign Reg. 86,500 THB 746,506.88 703,683.72 0.60Ramsay Health Care Ltd Rhc 2,270 AUD 56,168.70 87,632.32 0.07Realtek Semiconductor Corp 40,000 TWD 111,996.78 110,859.43 0.09Resona Holdings Inc 160,700 JPY 656,901.82 677,616.36 0.58Rohm Co.Ltd 900 JPY 33,414.79 45,646.54 0.04Ryman Healthcare 5,247 NZD 23,858.08 28,863.92 0.02Samsung Electr. /Pfd N - Vot. 322 KRW 156,112.51 251,568.15 0.21Samsung Electronics Co Ltd 1,700 KRW 1,365,432.01 1,696,305.57 1.45Secom Ltd 9,600 JPY 444,826.95 459,442.36 0.39Seiko Epson Corp 17,100 JPY 471,935.28 599,793.07 0.51Sekisui Chemical Co Ltd 8,000 JPY 70,276.07 80,212.22 0.07Seven & I Holdings Co Ltd 12,600 JPY 323,720.22 378,438.36 0.32Shanghai Pharmaceuticals -H- 5,900 HKD 8,780.03 11,000.88 0.01Shikoku Electric Power Co Inc. 3,300 JPY 35,806.28 33,314.95 0.03Shimano Inc. 1,600 JPY 146,072.84 172,552.75 0.15Shimao Property Hld Ltd 29,000 HKD 49,874.67 53,577.73 0.05Shionogi & Co Ltd 9,000 JPY 155,196.31 193,811.74 0.17Showa Shell Sekiyu Kk 12,100 JPY 89,186.22 99,308.10 0.08Sino Biopharma 320,000 HKD 245,258.69 239,685.94 0.20Sino Land Co Ltd 60,000 HKD 77,445.35 80,037.38 0.07Sinopharm Group Co -H- 16,800 HKD 48,625.54 49,134.77 0.04

UBI SICAV

57

Asia Pacific Equity


(expressed in EUR)



Quantity


assets

Sk Holdings Co Ltd 447 KRW 57,226.13 54,955.29 0.05Sk Telecom Co Ltd 2,492 KRW 358,296.54 502,188.86 0.43Smc Corp 1,200 JPY 256,050.44 264,369.55 0.23Softbank 4,900 JPY 150,912.80 243,455.11 0.21Soho China Ltd 21,000 HKD 13,338.28 12,261.32 0.01Sonic Healthcare 10,457 AUD 117,416.29 130,791.99 0.11Sony Corp Jpy 50 54,500 JPY 834,282.88 928,582.20 0.79Sony Financial Holding Inc 1,600 JPY 18,234.88 19,647.86 0.02Sumitomo Corp.* 22,800 JPY 200,923.71 195,138.96 0.17Sumitomo Electric Industries 9,700 JPY 102,751.82 101,134.24 0.09Sumitomo Heavy Industries 133,000 JPY 610,880.22 598,483.76 0.51Sumitomo Metal Mining Co.Ltd 11,000 JPY 122,168.57 137,201.48 0.12Sumitomo Mitsui Financial Gr. 42,700 JPY 1,302,229.68 1,287,340.66 1.10Sun Hung Kai Properties Ltd 31,000 HKD 351,689.26 390,736.24 0.33Suncorp Metway Ltd 77,264 AUD 775,780.55 734,454.40 0.63Suzuken Co 3,800 JPY 99,398.52 87,461.64 0.07Suzuki Motor Corp 8,000 JPY 162,975.36 200,668.37 0.17Swire Properties Ltd 229,600 HKD 570,797.96 560,201.95 0.48Sysmex Corp. Kobe 3,000 JPY 94,936.27 111,428.83 0.10T&D Holdings Inc Tokyo 4,800 JPY 47,207.16 48,226.56 0.04Tabcorp Holdings Ltd 197,207 AUD 538,626.06 553,315.39 0.47Taiheiyo Cement Corp. Tokyo 36,000 JPY 107,420.84 94,021.95 0.08Taisei Corp. 41,000 JPY 176,736.52 194,101.17 0.17Taishin Financial Holdings 1,550,000 TWD 582,722.66 528,870.07 0.45Taiwan Cement Corp 31,000 TWD 36,398.62 35,176.95 0.03Taiwan Semiconductor Manufact. 596,037 TWD 1,789,654.40 2,197,349.35 1.88Takeda Pharmaceutical Co Ltd 395 JPY 13,507.06 13,600.37 0.01Tatts Group Ltd 30,227 AUD 69,941.70 70,708.80 0.06Tdk Corp 2,300 JPY 93,581.95 113,482.37 0.10Telecom Corp.of New Zealand 305,977 NZD 564,487.41 615,391.40 0.53Telstra Corporation Ltd 84,631 AUD 326,922.81 341,590.77 0.29Tenaga Nasional 18,600 MYR 59,689.83 60,633.49 0.05Tencent Holdings Ltd 63,100 HKD 660,314.98 756,343.60 0.65Terumo Corp. 16,900 JPY 324,237.64 321,078.35 0.27Thai Union Frozen /Foreign Reg. 254,500 THB 564,010.49 578,299.41 0.49Thk Co Ltd 2,100 JPY 37,018.05 42,342.96 0.04Tohoku Electric Power Jpy 500 9,300 JPY 82,889.75 90,106.44 0.08Tokio Marine Holdings Inc 14,900 JPY 361,536.83 403,880.58 0.34Tokyo Electric Power Jpy 500 29,300 JPY 94,238.61 99,339.11 0.08Toll Holdings Ltd 14,727 AUD 56,993.18 58,645.12 0.05Toppan Printing Co.Ltd 10,000 JPY 54,303.68 54,232.83 0.05Toyota Industries Corp 2,200 JPY 75,750.43 94,145.99 0.08Toyota Motor Corp. 70,345 JPY 2,918,048.06 3,663,765.53 3.13Transurban Group 24,799 AUD 132,778.40 143,854.61 0.12Trend Micro Inc..Tokyo 2,300 JPY 54,941.06 52,937.31 0.05Umw Holdings 200,000 MYR 553,023.69 517,798.87 0.44Universal Robina Corp. 17,800 PHP 54,199.20 64,434.12 0.05Utd Overseas Bk /Local 64,000 SGD 924,036.98 978,753.41 0.84Wesfarmers Ltd 23,969 AUD 660,701.23 676,077.59 0.58West Japan Railway Co 18,400 JPY 660,363.08 724,258.45 0.62Westpac Banking Corp 32,363 AUD 566,731.08 725,547.12 0.62Wilmar International Ltd 307,000 SGD 593,330.97 620,124.87 0.53Woodside Petroleum Ltd 33,748 AUD 933,077.25 867,257.84 0.74Woolworths 25,656 AUD 605,762.34 532,165.39 0.45Woong Jin Coway Co Ltd 1,734 KRW 103,194.46 109,785.61 0.09Yangzijang Shipbuilding Ltd 20,000 SGD 13,035.99 15,024.94 0.01Ytl Corp Berhad 258,300 MYR 103,213.23 97,015.71 0.08Ytl Power Intl Bhd 563,000 MYR 212,764.73 196,829.71 0.17Yuanta Finanical Holding Co 1,500,950 TWD 567,479.90 604,357.23 0.52

UBI SICAV

58

Asia Pacific Equity


(expressed in EUR)



Quantity


assets

Zhejiang Expressway Co Ltd H 14,000 HKD 9,123.39 13,439.72 0.01102,549,536.50 112,109,214.00 95.73

Total - Transferable securities and money market instruments listed on an officialstock exchange 106,668,105.40 116,479,626.27 99.46


Shares

Bgp Holdings 119,972 EUR 3,381.74 - -3,381.74 - -

Total - Other transferable securities and money market instruments 3,381.74 - -


UBI SICAV

59

Asia Pacific Equity


(expressed in EUR)

Asia Pacific Equity









Communications 5.43

Petrol 3.03





Insurance 2.76





Transportation 2.10



Chemicals 1.56


Leisure 1.27

Non-Ferrous Metals 1.06


Retail 1.04

Biotechnology 0.89

Other services 0.84


Agriculture and Fishing 0.61


Textile 0.55

Tyres and Rubber 0.22

Healthcare Education and Social Services 0.20

Packaging and Container Industry 0.12

Precious Metals 0.11


Forest Products and Paper Industry 0.04

Photography and Optics 0.02


100.00


Japan 41.16

Australia 13.44

China 8.96

Taiwan 8.26

South Korea 7.39

Hong Kong 7.30


Singapore 2.49

Cayman Islands 2.17

Thailand 1.83

Malaysia 1.67

Bermuda 0.89

Indonesia 0.59

New Zealand 0.55

Philippines 0.16

Mauritius 0.07


100.00

UBI SICAV

60



(expressed in EUR)


Quantity


assets


Bonds

USA 0% 14-19.03.15 Tb 150,000 USD 122,132.17 123,945.09 0.09122,132.17 123,945.09 0.09

Investments Funds

Ishares/Msci Emerg.Mkt Indx 147,500 USD 4,712,008.21 4,788,691.95 3.304,712,008.21 4,788,691.95 3.30

Shares

Abu Dhabi Commercial Bank 285,548 AED 477,018.54 451,589.25 0.31Adaro Energy 620,700 IDR 51,725.90 43,051.20 0.03Advanced Semiconduct.Eng.Inc 765,000 TWD 709,152.50 762,067.06 0.53Afk Sistema /Sgdr 36,618 USD 446,874.96 157,643.18 0.11Agricult Bk China /H-Shares 3,175,000 HKD 1,124,253.70 1,326,071.83 0.91Airports of Thailand Pub./-F- 142,000 THB 821,537.23 1,005,434.63 0.69Ambev Sa 77,200 BRL 398,706.78 392,213.33 0.27America Movil Sab De Cv -L- 1,530,300 MXN 1,393,557.66 1,406,750.59 0.97Anta Sports Products Ltd 300,000 HKD 446,503.61 437,904.16 0.30Arca Continental Sab De Cv 176,900 MXN 825,895.50 925,533.86 0.64Asia Cement Corp 331,160 TWD 326,553.29 337,683.05 0.23Asian Paints 13,432 INR 106,327.72 132,260.38 0.09Astro Malaysia Holdings Bhd 70,900 MYR 55,189.80 50,746.89 0.04Asustek Computer Inc 19,000 TWD 166,097.22 172,132.79 0.12Au Optronics Corp 2,498,000 TWD 808,794.02 1,058,069.57 0.73Aurobindo Pharma 84,383 INR 721,488.75 1,254,343.88 0.87Bajaj Auto Ltd 3,711 INR 124,235.74 118,149.78 0.08Banco Do Brasil Sa 128,400 BRL 1,221,569.21 948,378.05 0.65Bangkok Bank Public /Foreign 25,600 THB 122,619.37 125,983.14 0.09Bank of China Ltd -H- 4,965,000 HKD 1,672,648.35 2,311,734.44 1.59Bank of Communications Co -H- 462,000 HKD 200,894.31 356,383.67 0.25Banrisul Pnb -B-/Pref 179,200 BRL 818,661.69 807,408.46 0.56Barclays Africa -Shs- 15,093 ZAR 179,068.15 196,116.26 0.14Barloworld Ltd 80,345 ZAR 543,054.67 549,185.33 0.38Barwa Real Estate Company 3,739 QAR 31,772.08 35,547.29 0.02Bb Seguridade 32,100 BRL 231,738.48 320,780.80 0.22Bco Bradesco Sa /Pref. 102,421 BRL 948,933.32 1,115,804.77 0.77Bco De Cred .De Inversiones Sa 10,258 CLP 434,302.65 415,768.56 0.29Bharat Petrol./Dematerialised 90,967 INR 691,704.10 769,155.98 0.53Bhartu Airtel Ltd /Demat 26,753 INR 136,556.72 123,502.57 0.09Bk Negara Indo Tbk 2,892,300 IDR 909,272.38 1,176,639.36 0.81Br Properties 7,700 BRL 33,559.10 24,524.60 0.02Brasil Telecome Sa/Pref 147,765 BRL 1,017,019.06 395,332.05 0.27Braskem Sa -A-/Pref. 130,300 BRL 745,396.35 708,548.78 0.49Brf Foods 13,000 BRL 242,741.10 256,267.67 0.18British American Tobacco 41,700 MYR 679,019.29 641,265.08 0.44Bts Group Hldg - Foreign Regist 1,781,400 THB 440,414.21 431,623.56 0.30Byd Company Limited -H- 73,500 HKD 382,328.39 237,674.88 0.16Catcher Technology Co Ltd 29,000 TWD 105,556.38 186,905.34 0.13Cathay Financial Holding 386,450 TWD 424,909.36 474,390.18 0.33Ccc Shs 1,009 PLN 35,778.76 31,329.62 0.02Cencosud Sa 95,458 CLP 221,326.99 194,113.28 0.13Chang Hwa Commercial Bank 1,730,120 TWD 835,037.64 821,031.15 0.57Chimei Innolux Corporation 1,730,000 TWD 636,834.14 696,584.17 0.48China Agri Industries Holdings 538,000 HKD 156,595.74 183,429.64 0.13China Citic Bk -H- 2,067,000 HKD 885,749.32 1,369,834.55 0.94China Communications Constr -H- 207,000 HKD 155,736.21 205,773.40 0.14China Construction Bank Corp 3,340,000 HKD 2,029,873.52 2,266,851.93 1.56China Development Fin.Hld Co 1,947,000 TWD 405,597.82 514,155.05 0.35China Everbright Intl Ltd 174,000 HKD 165,544.71 213,940.16 0.15China Life Insurance Co Ltd -H- 212,000 HKD 590,666.72 687,797.21 0.47China Merchants Bank /-H- 212,000 HKD 327,754.96 439,557.76 0.30

UBI SICAV

61


Quantity


assets

China Merchants Holdings 52,000 HKD 143,182.82 144,604.27 0.10China Mobile Ltd 270,736 HKD 2,319,898.38 2,610,548.95 1.80China Petroleum&Chem Corp H 2,282,200 HKD 1,399,357.91 1,519,745.87 1.05China Railway Group Ltd -H- 1,946,000 HKD 781,099.50 1,322,820.05 0.91China Resources Power Holdings 512,000 HKD 886,017.98 1,091,031.30 0.75China State Constr Int Hld Ltd 88,000 HKD 115,290.56 102,198.95 0.07China Telecom Corp Ltd 2,216,000 HKD 1,013,322.67 1,071,921.21 0.74China Unico (Hk) 792,000 HKD 914,672.89 877,598.30 0.61Chong Qing Changan Aut. -B- 38,300 HKD 67,350.37 71,657.32 0.05Chongqing Rural Shs -H- 113,000 HKD 39,943.01 58,151.76 0.04Cia Cervecerias Unidas Sa 6,832 CLP 73,326.72 52,502.10 0.04Cia Energet.Min.Gerais/Priv. 151,900 BRL 811,630.37 620,212.38 0.43Cie Energ.Sao Paulo/Pref.-B- 34,300 BRL 342,528.78 285,744.73 0.20Citic Pacific Ltd 104,000 HKD 148,915.64 146,488.00 0.10Cj Corporation 664 KRW 79,741.28 77,889.14 0.05Cn Everbr Bk /H 1,692,000 HKD 702,126.32 760,764.19 0.52Cn Reso Cement 1,454,000 HKD 797,345.81 777,687.96 0.54Cna Int Mar -H- 29,200 HKD 32,003.58 53,573.90 0.04Cnooc Ltd 405,000 HKD 595,995.84 450,497.90 0.31Coal India 32,203 INR 153,640.72 161,791.58 0.11Conchator Sponsored 283,137 CLP 423,412.17 450,562.63 0.31Coronation Fund Managers Ltd 86,504 ZAR 666,481.21 711,220.87 0.49Cyfrowy Polsat Sa 8,494 PLN 54,912.71 46,426.16 0.03Digi.Com Bhd 694,100 MYR 914,185.44 1,011,644.11 0.70Divi S Laboratories Ltd 2,460 INR 56,633.53 55,485.75 0.04Dp World 7,330 USD 117,821.80 127,193.85 0.09Dubai Financial 94,113 AED 58,103.26 42,555.41 0.03Dubai Islamic Bank 283,213 AED 472,559.87 439,613.90 0.30E-Mart Co Ltd 6,836 KRW 1,073,696.84 1,043,475.69 0.72Eclat Textile Co Ltd 3,000 TWD 24,930.72 25,178.69 0.02Embotelladora Andina- B-/Pref 34,280 CLP 87,831.75 81,028.59 0.06Emlak Konut Gayr. Reit/Ipo 863,061 TRY 843,470.02 844,823.12 0.58Empresas Cmpc Sa 43,487 CLP 81,418.55 90,181.31 0.06Enea 9,780 PLN 37,487.24 34,575.23 0.02Enersis Sa 747,903 CLP 183,397.89 202,936.82 0.14Eregli Demir Celik 713,274 TRY 585,235.28 1,124,179.81 0.78Evergrande Real 2,614,000 HKD 810,289.64 874,525.52 0.60Far Eastern Nc 174,000 TWD 141,960.73 142,851.79 0.10Felda Global Ventures Hld 328,100 MYR 329,636.78 168,959.76 0.12Fibra Uno Admnstrcion Sa De Cv 286,800 MXN 738,659.41 698,980.99 0.48First Financial Holding Comp. 345,000 TWD 167,841.26 168,230.49 0.12First Gulf Bank 18,901 AED 75,621.11 72,284.11 0.05Firstrand Ltd /New* 439,293 ZAR 1,106,195.92 1,586,039.08 1.09Folli Follie Gr Shs 11,914 EUR 334,171.45 314,529.60 0.22Formosa Chemicals & Fiber Co 38,000 TWD 66,746.80 66,468.59 0.05Foxconn Technology Co Ltd 39,000 TWD 86,076.26 86,980.20 0.06Franshion Prop. 104,000 HKD 21,552.83 24,599.35 0.02Fubon Financial Holding Co Ltd 989,000 TWD 965,022.26 1,311,025.17 0.90Gazprom Oao/Sadr Reg.S 297,073 USD 2,325,947.08 1,141,455.50 0.79Giant Manufacture Co Ltd 26,000 TWD 160,623.51 191,023.34 0.13Gome Electrical Appliance Hold* 473,000 HKD 51,141.86 57,451.75 0.04Gruma Sa De Cv B 88,900 MXN 773,551.46 783,939.20 0.54Grupo Aeroport.Del Pacifico B 13,700 MXN 62,671.15 71,201.75 0.05Grupo Fin.I.Sab De Cv O 49,400 MXN 91,821.12 105,443.68 0.07Grupo Mexico Sab De Cv /-B- 237,100 MXN 617,256.65 569,082.06 0.39Grupo Televisa Sa/Cert.Par. 248,400 MXN 1,386,012.03 1,400,564.39 0.97Guangzhou Investment Co Ltd 4,722,000 HKD 750,299.47 749,634.39 0.52Guangzhou R&F Prop.-H- /New 43,200 HKD 36,025.65 43,680.46 0.03Halla Visteon Shs 746 KRW 28,750.44 27,149.91 0.02Hcl Technologies /Demat. 50,155 INR 906,599.65 1,048,310.62 0.72Hero Motocorp Ltd 1,824 INR 70,425.12 74,167.76 0.05Hindustan Unilever Ltd 60,609 INR 565,103.06 602,984.13 0.42Hon Hai Precision Ind.Co Ltd 903,056 TWD 1,639,168.50 2,075,440.73 1.43

UBI SICAV

62



(expressed in EUR)



Quantity


assets

Hong Leong Bank Bhd 178,300 MYR 622,180.40 588,815.27 0.41Housing Devt Fin Corp 3,783 INR 35,079.25 56,243.78 0.04Hua Nan Financial Holding Co 1,190,680 TWD 479,653.17 552,586.40 0.38Huaneng Power Intl H 1,192,000 HKD 919,124.66 1,330,990.00 0.92Hynix Semiconductor Inc 46,818 KRW 1,344,010.95 1,681,010.70 1.16Hyundai Hysco 2,517 KRW 76,841.87 137,594.75 0.09Hyundai Mobis 3,029 KRW 621,553.27 537,521.10 0.37Hyundai Motor /Pfd Issued 99 2,359 KRW 132,888.44 237,693.32 0.16Hyundai Motor Co Ltd 1,903 KRW 245,746.90 241,829.76 0.17Hyundai Steel Co 16,982 KRW 954,217.05 810,861.73 0.56Idea Cellular Ltd 50,174 INR 95,491.35 101,002.72 0.07Ijm Corporation Bhd 143,500 MYR 226,329.13 222,709.03 0.15Ind & Com Boc -H- 3,230,000 HKD 1,686,914.62 1,947,853.13 1.34Industrial Bank of Korea 10,642 KRW 95,021.47 112,830.53 0.08Infosys — Shs 66,710 INR 1,617,738.27 1,722,332.47 1.19Infosys Technol./ Sadr 3,810 USD 69,721.36 99,043.63 0.07Investimentos Itau /Pref. 236,150 BRL 689,474.89 689,034.28 0.48Ioi Corporation Bhd 258,700 MYR 305,386.80 293,331.17 0.20Itau Holding /Pref 198,666 BRL 2,070,492.84 2,135,929.61 1.47Jbs As 264,300 BRL 647,781.53 919,819.21 0.63Jg Summit Holdings Inc 352,480 PHP 391,318.26 429,653.37 0.30Jollibee Foods Corp. 161,910 PHP 481,541.97 642,912.61 0.44Jsc Surgutneftegaz /Sadr 82,034 USD 451,862.90 287,952.76 0.20Jsw Steel Ltd /Demat 4,441 INR 49,945.45 60,902.69 0.04Kangwon Land Inc 5,168 KRW 133,590.08 118,135.48 0.08Kghm Polska Miedz Sa 30,169 PLN 909,791.99 763,786.59 0.53Kia Motors Corp. 1,724 KRW 70,166.92 67,798.99 0.05Kingboard Chemicals Holdings 84,000 HKD 135,214.56 117,243.25 0.08Klabin Riocell Sa 21,100 BRL 82,221.02 95,658.82 0.07Koc Hld As 6,059 TRY 23,703.63 26,550.16 0.02Korea Electric Power Corp. 20,694 KRW 631,101.97 664,441.21 0.46Korea Zinc Co Ltd 708 KRW 210,275.39 214,813.24 0.15Kroton Educacional7-Open/Cv 60,600 BRL 295,846.15 291,871.45 0.20Krung Thai Bank /For.Reg. 153,825 THB 78,418.63 87,673.67 0.06Kt&g Corporation 19,545 KRW 988,231.89 1,118,419.10 0.77Lg Corp 4,141 KRW 223,972.66 190,564.02 0.13Lg Display Co Ltd 39,312 KRW 992,875.59 994,705.34 0.69Lg Electronics Inc 20,553 KRW 959,021.53 913,370.43 0.63Lg Telecom Ltd 83,321 KRW 646,379.33 720,504.27 0.50Localiza Renta A Car 29,900 BRL 365,202.09 331,778.57 0.23Lojas Renner Sa 5,900 BRL 135,825.64 140,194.31 0.10Lukoil /Sadr Rep.1 Shs.* 27,204 USD 1,232,198.23 890,725.31 0.61Magnit Ojsc - Sgdr 14,688 USD 686,796.08 551,012.39 0.38Masraf Al Rayan 49,806 QAR 559,461.69 499,506.32 0.34Media Tek Incorporated 1,000 TWD 11,824.02 12,079.49 0.01Mediclinic International Ltd 26,247 ZAR 156,584.21 188,607.99 0.13Mega Financial Holding Company 436,636 TWD 268,547.05 279,129.14 0.19Megafon Ojsc /Gdr 4,658 USD 93,669.29 53,038.54 0.04Metalurgica Gerdau /Pref. 114,000 BRL 574,759.44 400,286.17 0.28Misc Bhd /Local 474,400 MYR 704,595.16 809,100.42 0.56Mmc Norilsk Nickel /Sadr 19,013 USD 265,128.15 223,405.11 0.15Mobile Telesystems Ojs/Sadr 11,200 USD 139,338.87 66,448.52 0.05Mr. Price Group Limited 66,179 ZAR 901,676.87 1,110,336.74 0.77Mtn Group Ltd* 61,201 ZAR 950,035.46 967,436.34 0.67Nan Ya Plastics Corp 272,000 TWD 478,642.07 465,818.77 0.32Naspers Ltd N 10,167 ZAR 687,156.05 1,099,781.73 0.76National Bank Of Abu Dhabi 70,340 AED 212,937.81 221,533.57 0.15Nedbank Group 8,892 ZAR 140,712.00 158,075.82 0.11Netcare Ltd 166,899 ZAR 280,253.87 452,201.67 0.31New China Life Insurance Co -H- 35,800 HKD 98,928.94 149,331.71 0.10Nine Dragons Paper Hldgs Ltd 70,000 HKD 41,048.29 50,715.91 0.03Novatek Microelectronics Corp 84,000 TWD 326,995.27 390,936.36 0.27Novatek Oao /Sgdr 2,381 USD 197,741.73 154,278.85 0.11

UBI SICAV

63



(expressed in EUR)



Quantity


assets

Oil&Natural Gas Corp Ltd 35,764 INR 182,487.61 159,787.95 0.11Pacific Corp 127 KRW 45,482.79 95,305.62 0.07Pegatron Corporation - Usd Eq. 581,000 TWD 795,914.97 1,108,934.18 0.76Petrobras. Petr.Brasileiro 157,800 BRL 1,022,954.10 470,232.77 0.32Petrochina Co Ltd /-H- 1,136,000 HKD 1,152,715.93 1,040,912.05 0.72Petroleo Brasileiro/Prf.Shs 130,100 BRL 1,281,358.36 405,072.08 0.28Pge Polska Grupa Energetyczna 167,238 PLN 819,574.73 734,766.93 0.51Ping An Insur.(Grp) Co -H- 95,500 HKD 592,285.67 804,854.00 0.56Piramal Enter Shs 3,161 INR 29,368.26 34,493.11 0.02Polish Telecom Warszawa 28,137 PLN 72,720.57 54,448.23 0.04Porto Securo Sa 86,909 BRL 832,466.33 820,966.86 0.57Posco* 4,778 KRW 1,070,429.61 989,810.36 0.68Pou Chen Corp 90,000 TWD 87,044.63 90,478.55 0.06Power Finance Corporation Ltd 11,800 INR 22,848.81 46,550.39 0.03Powszechny Zaklad Ubezpieczen 9,446 PLN 1,016,889.38 1,067,743.39 0.74Ppb Group Bhd 96,300 MYR 337,699.33 325,299.11 0.22Promotoray Operadora De Infra 12,300 MXN 130,090.16 122,301.26 0.08Pt Astra Agro Lestari Tbk 21,000 IDR 27,737.50 33,962.62 0.02Pt Bank Central Asia Tbk 221,500 IDR 192,642.49 193,884.57 0.13Pt Bank Rakyat Indonesia 508,700 IDR 242,860.23 395,237.24 0.27Pt Indofood Sukses 1,110,400 IDR 482,342.27 499,865.80 0.34Pt Telekom Indon Peresero Pt 591,500 IDR 99,365.05 113,018.51 0.08Ptt Expl.Prod.Public /For.Reg 52,000 THB 189,379.56 146,230.43 0.10Ptt Plc Co Ltd /Foreign Reg. 117,800 THB 989,098.23 958,311.47 0.66Realtek Semiconductor Corp 182,000 TWD 517,388.56 504,410.40 0.35Reliance Ind./Gdr 2shs 144a 28,122 USD 653,202.89 655,066.23 0.45Reliance Indus./Demat 2,000 INR 23,165.42 23,328.07 0.02Richter Gedeon 54,081 HUF 685,164.76 604,816.71 0.42Rmb Holdings Ltd 63,649 ZAR 247,108.18 292,374.36 0.20Rmi Holdings 90,615 ZAR 255,601.11 264,341.35 0.18Rosneft Oil Company Ojsc /Sgdr 80,496 USD 433,426.95 232,688.12 0.16Rostelecom /Sadr Rep.6 Shs 4,384 USD 37,701.77 32,784.00 0.02Rural Electrification Corp Ltd 13,502 INR 55,586.60 59,229.13 0.04Rushydro Ojsc /Sadr 57,917 USD 65,228.97 44,603.07 0.03Samsung C&T Corp 5,968 KRW 315,546.11 275,986.71 0.19Samsung Electr. /Pfd N - Vot. 1,100 KRW 536,445.10 859,394.32 0.59Samsung Electronics Co Ltd 3,931 KRW 3,303,732.52 3,922,457.17 2.71Sanlam Ltd 263,200 ZAR 1,044,156.76 1,315,377.99 0.91Sasol Ltd /Reg. 48,375 ZAR 1,651,328.79 1,488,589.57 1.03Sberbank of Russia Ojsc/Sadr 118,450 USD 1,012,766.71 396,399.36 0.27Sesa Sterlite Ltd /Dematerialsd 56,200 INR 198,617.89 157,783.52 0.11Shanghai Pharmaceuticals -H- 392,700 HKD 659,073.75 732,210.92 0.51Shimao Property Hld Ltd 258,000 HKD 473,840.42 476,657.09 0.33Shinhan Financial Group 19,715 KRW 705,009.89 658,950.50 0.45Siam Commerc.Bk Publ./For.Reg. 26,700 THB 108,848.55 122,011.01 0.08Sino Biopharma 132,000 HKD 102,055.30 98,870.45 0.07Sino-Ocean Land Holdings Ltd 154,000 HKD 56,537.79 72,359.67 0.05Sinopharm Group Co -H- 44,400 HKD 124,301.49 129,856.16 0.09Sinotrans Ltd -H 85,000 HKD 44,806.16 46,821.65 0.03Sk Holdings Co Ltd 7,389 KRW 896,591.65 908,422.05 0.63Sk Telecom Co Ltd 5,071 KRW 502,766.81 1,021,910.00 0.70Soho China Ltd 652,500 HKD 417,395.59 380,976.62 0.26Spar Group Ltd 53,296 ZAR 477,939.97 613,984.13 0.42Standard Bank Group Limited 41,845 ZAR 406,834.81 428,648.78 0.30Taesa (1 Sh +2 Pfd Sh) 5,000 BRL 41,683.42 29,271.04 0.02Taftnet/Sgdr rep 6 reg 5 11,192 USD 323,999.47 226,577.43 0.16Taishin Financial Holdings 2,326,076 TWD 852,769.12 793,672.24 0.55Taiwan Cement Corp 434,000 TWD 496,361.68 492,477.32 0.34Taiwan Semiconductor Manufact. 1,339,000 TWD 3,415,854.59 4,936,355.94 3.41Tata Motors 164,058 INR 679,087.53 1,064,101.17 0.73Tata Motors Ltd /Adr 4,973 USD 103,912.72 173,738.59 0.12Tata Steel Ltd /Dematerial 4,500 INR 22,586.88 23,524.40 0.02Tata Steel/Gdr 11,666 USD 41,109.23 59,766.32 0.04

UBI SICAV

64



(expressed in EUR)



Quantity


assets

Tav Havalimalari Holding As 7,555 TRY 49,627.96 50,993.21 0.04Tech Mahindra Ltd /Demat. 14,034 INR 470,901.69 476,402.60 0.33Telekom Malaysia Bhd 838 MYR 1,145.09 1,361.92 -Telkom Sa Ltd 10,510 ZAR 49,738.55 52,525.16 0.04Tencent Holdings Ltd 181,500 HKD 1,254,572.29 2,175,536.66 1.50Thai Union Frozen /Foreign Reg. 325,500 THB 716,470.99 739,632.45 0.51Tofas Turk Otomobil Fabrikasi 6,383 TRY 29,840.38 35,977.42 0.02Transcend Information Inc 8,000 TWD 19,908.54 20,644.95 0.01Turk Sise Cam 755,536 TRY 791,736.35 971,854.11 0.67Ultra Tech Cement Ltd 1,568 INR 53,148.54 54,920.98 0.04Umw Holdings 292,900 MYR 858,692.59 758,316.44 0.52Universal Robina Corp. 40,340 PHP 134,589.83 146,026.53 0.10Uralkality /Gdr 18,292 USD 263,279.12 178,204.16 0.12Vale Sa 91,000 BRL 679,570.46 619,542.44 0.43Vale Sa - Pref A 48,000 BRL 694,094.12 286,818.93 0.20Vneshtorgbank Sgdr 27,902 USD 43,464.60 53,028.09 0.04Wal-Mart De Mexic.Sab De Cv V 115,300 MXN 234,738.46 205,002.50 0.14Woolworths Hld Ltd 168,733 ZAR 909,562.45 928,797.53 0.64Woong Jin Coway Co Ltd 14,769 KRW 580,735.86 935,077.11 0.65Yapi Kredi Bankasa 44,077 TRY 75,641.19 76,166.75 0.05Ytl Corp Berhad 202,400 MYR 80,186.70 76,020.06 0.05Ytl Power Intl Bhd 64,200 MYR 23,104.32 22,444.88 0.02Yuanta Finanical Holding Co 479,700 TWD 173,922.59 193,151.11 0.13Yuhan Corp 186 KRW 25,028.66 23,706.47 0.02Yulon Motor Co Ltd 39,000 TWD 46,982.31 47,415.94 0.03Zhejiang Expressway Co Ltd H 154,000 HKD 96,453.90 147,836.87 0.10

131,335,905.24 139,812,896.39 96.45


stock exchange 136,170,045.62 144,725,533.43 99.84


UBI SICAV

65



(expressed in EUR)








Communications 7.76

Petrol 7.52


Insurance 3.95






Retail 2.59





Transportation 1.39



Other services 1.17

Chemicals 1.09



Miscellaneous 0.76



Consumer goods 0.67

Leisure 0.52

Textile 0.50







100.00


China 14.07

South Korea 13.53

Taiwan 13.09

Brazil 9.34

South Africa 8.57

India 6.47

Hong Kong 4.54

Mexico 4.33

Cayman Islands 3.75

Malaysia 3.43


Russia 3.24

Thailand 2.49

Turkey 2.16

Poland 1.89

Indonesia 1.68

Chile 1.03

United Arab Emirates 0.93

Philippines 0.84

Hungary 0.42

Qatar 0.36

Greece 0.22

Bermuda 0.07


100.00

UBI SICAV

66

Global Equity


(expressed in EUR)


Quantity


assets


Bonds

USA 0% 14-19.03.15 Tb 40,000 USD 32,568.58 33,052.02 0.2332,568.58 33,052.02 0.23

Investments Funds

Dexus Property Group 426 AUD 1,906.68 2,007.45 0.01Gpt Group /Stapled Security 864 AUD 2,057.46 2,541.00 0.02Ishares Trust/Msci Eafe Indx 571 USD 28,858.79 28,705.70 0.20Spdr S&P 500 Etf Trust S.1 1,295 USD 211,327.64 219,899.60 1.51The Link Reit 18,100 HKD 63,988.08 93,627.85 0.65

308,138.65 346,781.60 2.39

Shares

A.P. Moeller - Maersk A /S A 2 DKK 3,437.76 3,209.40 0.02A.P. Moeller - Maersk A /S B 40 DKK 64,017.40 66,443.93 0.46Ab Industrivaerden /-C- 2,607 SEK 37,390.76 37,441.80 0.26Abbvie Inc 2,584 USD 71,901.93 139,726.46 0.96Ace Ltd 1,153 USD 76,913.65 109,450.21 0.75Acs 2,137 EUR 57,252.74 61,908.89 0.43Activision Blizzard Inc 4,259 USD 66,870.97 70,912.95 0.49Aetna Inc 1,158 USD 60,678.64 84,998.46 0.59Agl Energy Ltd 348 AUD 3,291.53 3,143.32 0.02Aig 2,300 USD 84,170.41 106,447.69 0.73Alliance Data System Corp 400 USD 80,844.23 94,546.36 0.65Allianz Se /Nam.Vinkuliert 236 EUR 31,314.29 32,414.60 0.22Ally Financial Inc 200 USD 3,758.04 3,903.49 0.03Altice Sa 46 EUR 2,272.27 3,001.96 0.02Altria Group 1,163 USD 31,471.94 47,348.38 0.33American Electric Power Co.Inc 300 USD 11,700.63 15,052.06 0.10Ameriprise Financial Inc /Wh.I 100 USD 10,753.73 10,927.95 0.08Amgen Inc. 1,199 USD 89,171.69 157,815.82 1.09Annaly Capital Management Inc 500 USD 4,329.55 4,466.20 0.03Anthem Inc 1,156 USD 45,295.31 120,041.75 0.83Aon Plc 100 USD 7,220.31 7,835.89 0.05Aozora Bank Ltd 2,000 JPY 5,535.33 5,154.53 0.04Apple Inc 3,914 USD 215,326.01 356,988.37 2.46Archer-Daniels Midland Co. 2,105 USD 68,865.95 90,447.86 0.62Arrow Electronics Inc. 1,600 USD 71,667.48 76,536.11 0.53Asahi Kasei Corp 4,000 JPY 22,040.29 30,472.37 0.21Astrazeneca Plc 645 GBP 37,551.63 37,850.01 0.26At&T 190 USD 4,811.54 5,273.59 0.04Atlas Copco B 210 SEK 4,136.01 4,452.02 0.03Axa* 1,004 EUR 17,777.38 19,281.82 0.13Bae Systems Plc 1,602 GBP 9,562.71 9,740.35 0.07Baloise Holding /Namen 694 CHF 71,428.12 73,757.32 0.51Banco Santander Sa / Reg. 11,773 EUR 84,903.49 82,363.91 0.57Bank Hapoalim B.M. 18,282 ILS 77,647.69 71,394.37 0.49Bank of America Corp 500 USD 6,530.23 7,391.34 0.05Bard (C.R.) Inc 300 USD 33,960.97 41,303.92 0.28Baxter Intl Inc. 1,600 USD 78,892.36 96,896.38 0.67Bce Inc /New 900 CAD 32,770.94 34,205.01 0.24Becton Dickinson & Co. 100 USD 10,300.61 11,498.93 0.08Bed Bath & Beyond Inc. 100 USD 5,142.49 6,294.00 0.04Best Buy Co Inc. 2,800 USD 57,106.81 90,186.75 0.62Bhp Billiton Ltd 1,691 AUD 47,157.11 33,577.62 0.23Bmw Ag /Vorzug. 30 EUR 1,931.30 2,035.20 0.01Bmw-Bayer.Motorenwerke 167 EUR 15,456.87 14,991.59 0.10Boeing Co 1,000 USD 95,988.52 107,403.73 0.74Bp Plc 18,818 GBP 106,933.12 99,628.92 0.69Bridgestone Corp 300 JPY 7,757.62 8,680.70 0.06

UBI SICAV

67



Quantity


assets

British Sky Broadcasting Group 546 GBP 6,003.11 6,322.99 0.04Bunzl Plc 180 GBP 3,698.29 4,090.17 0.03California Resources Corp 3,360 USD 16,213.10 15,297.97 0.11Canad.Imper.Bk of Commerce 200 CAD 12,624.19 14,243.53 0.10Canadian National Railway 500 CAD 25,426.88 28,539.84 0.20Canadian Natural Resour. 2,100 CAD 58,575.26 53,806.98 0.37Cap Gemini Sa 763 EUR 39,908.22 45,383.24 0.31Capita — Shs 350 GBP 4,890.81 4,873.76 0.03Capital One Financial Corp. 1,498 USD 79,816.66 102,181.38 0.70Cardinal Health Inc. 100 USD 6,553.14 6,670.80 0.05Carrefour Sa 322 EUR 8,290.37 8,146.60 0.06Casino Guichard-Perrach 29 EUR 2,233.95 2,217.34 0.02Catamaran Corp 88 CAD 3,374.71 3,773.85 0.03Caterpillar Inc. 900 USD 69,959.75 68,068.91 0.47Celanese Corp Series -A- 1,500 USD 70,518.98 74,318.29 0.51Central Japan Railway Co 100 JPY 10,379.86 12,500.43 0.09Centrica Plc 2,711 GBP 10,705.95 9,743.25 0.07Cf Industries Holding Inc 400 USD 70,725.66 90,080.98 0.62Cheung Kong Holdings Hkd 0.5 1,000 HKD 13,858.23 13,882.95 0.10Cheung Kong Infrastructure Hld 12,000 HKD 62,600.53 73,388.90 0.51Chevron Corporation 693 USD 46,621.66 64,237.93 0.44Chipotle Mexican Grill Inc 100 USD 51,452.25 56,561.73 0.39Chubb Corp 100 USD 8,126.41 8,549.83 0.06Chubu Electric Power C. Jpy 500 300 JPY 2,816.98 2,932.50 0.02Chugoku Electr.Power Jpy 500 200 JPY 2,181.75 2,177.58 0.01Cigna Corp. 600 USD 40,016.11 51,021.32 0.35Cintas 1,300 USD 74,098.69 84,260.45 0.58Cisco Systems Inc. 2,500 USD 45,625.35 57,459.51 0.40Cme Group Inc 200 USD 13,769.83 14,650.47 0.10Cms Energy Corp. 100 USD 2,190.68 2,871.43 0.02Coca-Cola Enterprises Inc 100 USD 3,346.97 3,653.94 0.03Comcast Corp /-A- 1,156 USD 29,492.29 55,411.97 0.38Commonwealth Bank of Australia 2,048 AUD 110,169.75 118,593.16 0.82Computer Sciences Corp 1,500 USD 70,253.24 78,148.24 0.54Conocophillips 1,052 USD 48,186.36 60,032.33 0.41Consolidated Edison Inc 200 USD 8,437.44 10,908.94 0.08Continental Ag 78 EUR 13,494.28 13,692.90 0.09Credit Agricole Sa. Paris 5,412 EUR 59,651.79 58,233.12 0.40Csx Corp. 200 USD 5,374.96 5,987.44 0.04Cummins Inc 100 USD 10,674.81 11,912.91 0.08Cvs Caremark Corp 636 USD 25,712.56 50,614.08 0.35Daicel Chemical Industries Co. 1,000 JPY 6,140.44 9,771.56 0.07Daikin Industries Ltd 100 JPY 4,552.91 5,381.94 0.04Daimler Ag /Namen-Akt. 567 EUR 31,299.67 39,105.99 0.27Daiwa H. Industr.Co. Ltd 1,000 JPY 15,056.03 15,801.26 0.11Darden Restaurants 800 USD 36,442.76 38,757.23 0.27Dbs Group Holdings Ltd 1,000 SGD 12,155.22 12,842.90 0.09Delta Air Lines 1,500 USD 28,461.31 60,969.26 0.42Deutsche Wohnen Ag 1,228 EUR 19,618.10 24,044.24 0.17Devon Energy Corp.(New) 200 USD 11,472.50 10,115.68 0.07Dicks Sporting Goods Inc 100 USD 3,428.11 4,102.63 0.03Dixons Carp 512 GBP 2,811.59 3,049.71 0.02Dnb Nor Asa 1,709 NOK 22,751.59 20,843.48 0.14Dollar Tree Inc 1,400 USD 76,229.63 81,417.95 0.56Dr Pepper Snapple Group Inc 1,700 USD 59,279.46 100,690.79 0.69E.On - Namen Akt. 879 EUR 11,777.21 12,477.41 0.09Edf 1,371 EUR 28,915.44 31,293.08 0.22Edp-Energias De Portugal Sa* 10,056 EUR 34,708.64 32,360.21 0.22Electric Power Development Co 100 JPY 2,610.25 2,811.56 0.02Electronic Arts 2,700 USD 72,364.46 104,892.17 0.72Enagas 335 EUR 8,142.87 8,771.98 0.06Eni Spa Roma 1,399 EUR 25,574.29 20,299.49 0.14Ensco Plc 46 USD 2,139.68 1,138.41 0.01

UBI SICAV

68

Global Equity


(expressed in EUR)



Quantity


assets

Entergy Corp. 100 USD 5,429.19 7,228.56 0.05Eog Resources Inc. 164 USD 7,570.48 12,476.85 0.09Everest Reinsurance Group Ltd 500 USD 70,105.77 70,360.27 0.48Exxon Mobil Corp 1,910 USD 113,118.03 145,909.35 1.00Facebook Inc -A- 856 USD 27,530.69 55,185.19 0.38Federation - Quadruple Stapled 39,551 AUD 65,816.97 76,743.52 0.53Fiat Chrysler Automobiles Nv 438 EUR 3,110.56 4,204.80 0.03Fidelity National Inform Serv 100 USD 4,705.99 5,139.65 0.04Fiserv Inc. 900 USD 40,950.43 52,778.88 0.36Foot Locker Inc 200 USD 9,020.01 9,284.42 0.06Fortescue Metals Group Ltd* 770 AUD 2,843.15 1,426.41 0.01Fortum Corporation 3,908 EUR 64,493.95 70,226.76 0.48France Telecom Sa 7,116 EUR 79,890.07 100,691.40 0.69Fuji Heavy Industries Ltd 4,000 JPY 23,848.02 118,526.65 0.82Fujifilm Holdings Corp 1,600 JPY 41,402.57 40,806.24 0.28Geberit Ag /Namen-Aktien 178 CHF 42,341.84 50,091.63 0.34General Dynamics Corp 800 USD 83,738.47 90,973.39 0.63General Electric Co 5,260 USD 104,748.20 109,833.25 0.76Gilead Sciences Inc. 1,100 USD 67,477.71 85,676.75 0.59Glaxosmithkline Plc 2,646 GBP 51,413.21 46,900.60 0.32Goldman Sachs Group Inc. 700 USD 96,840.84 112,114.53 0.77Google Inc Shs -C- 80 USD 18,518.14 34,797.55 0.24Halliburton Co 467 USD 15,320.51 15,176.92 0.10Halyard Health Inc 25 USD 614.06 939.31 0.01Helmerich & Payne 69 USD 5,374.45 3,843.98 0.03Henderson Land Dev. 1,000 HKD 5,419.75 5,785.45 0.04Henkel Ag & Co. Kgaa 903 EUR 66,348.59 72,637.32 0.50Hennes & Mauritz Ab 251 SEK 8,089.46 8,624.14 0.06Hess Corp 1,100 USD 64,964.94 67,098.00 0.46Hewlett-Packard Co. 2,100 USD 44,351.80 69,635.60 0.48Hochtief Ag 125 EUR 7,250.87 7,315.00 0.05Home Depot Inc. 700 USD 49,925.17 60,716.41 0.42Hongkong Electric Holdings Ltd 2,000 HKD 14,150.63 16,035.18 0.11Host Hotels & Resorts Inc 1,400 USD 24,174.60 27,497.93 0.19Hsbc Holdings Plc 9,818 GBP 75,564.06 76,970.65 0.53Hutchison Whamp/Hk0.25 1,000 HKD 9,222.49 9,509.23 0.07Hysan Development Co 19,000 HKD 71,022.31 70,144.58 0.48Iberdrola Sa 1,122 EUR 6,042.14 6,279.83 0.04Illinois Tool Works 1,200 USD 75,792.69 93,901.83 0.65Imperial Tobacco Group Plc 1,498 GBP 52,203.24 54,725.30 0.38Inbev (Ex. Interbrew) 412 EUR 33,689.55 38,670.32 0.27Indivior Plc 223 GBP 406.62 429.16 -Inpex Corp 500 JPY 5,407.99 4,635.98 0.03Insurance Australia Group Ltd 1,202 AUD 5,508.55 5,079.10 0.03Int Air Group 511 EUR 2,286.14 3,163.09 0.02Intact Fin 100 CAD 5,583.10 5,981.17 0.04Intel Corp. 5,600 USD 114,066.13 167,925.96 1.16Intercont Exch 200 USD 35,442.81 36,240.29 0.25Intu Properties Plc 17,816 GBP 69,980.25 76,652.59 0.53Investec Plc 291 GBP 1,970.11 2,029.85 0.01Investor Ab B 1,432 SEK 41,182.09 43,021.75 0.30Isuzu Motors Ltd 300 JPY 3,296.92 3,062.74 0.02Itochu Corp 700 JPY 6,159.79 6,232.30 0.04J.Sainsbury Plc 21,304 GBP 82,928.54 67,701.84 0.47Japan Tobacco Inc. 600 JPY 14,463.69 13,760.12 0.09Jfe Holdings Inc 300 JPY 4,657.12 5,573.51 0.04Johnson & Johnson 2,448 USD 149,475.63 211,524.84 1.46Jpmorgan Chase & Co 3,458 USD 147,829.26 178,814.77 1.23K+S Aktiengesellschaft* 3,332 EUR 73,274.72 76,352.78 0.53Kansai Electr. Power C. Jpy 500 400 JPY 3,402.85 3,164.39 0.02Kansas City Southern 100 USD 9,219.69 10,083.46 0.07Kddi Corp. 1,000 JPY 37,477.26 52,627.21 0.36Keppel Corp Ltd 8,000 SGD 51,385.83 44,139.66 0.30

UBI SICAV

69

Global Equity


(expressed in EUR)



Quantity


assets

Kimberly Clark Corp 202 USD 14,369.98 19,285.31 0.13Kinnevik Investments Ab -B- 1,594 SEK 37,917.13 42,943.43 0.30Kobe Steel Ltd 59,000 JPY 66,998.33 84,973.96 0.58Kone Oyj -B- 168 EUR 5,456.95 6,353.76 0.04Koninklijke Ahold Nv 513 EUR 6,236.08 7,569.32 0.05Kroger Co. 2,047 USD 55,578.01 108,608.39 0.75Kuehne +Nagel International 28 CHF 2,809.96 3,150.44 0.02Kyushu Electr.Power Co /Jpy 500 200 JPY 1,974.48 1,667.64 0.01L Brands Inc 100 USD 5,317.48 7,151.71 0.05Legal & General Group Plc 18,702 GBP 57,386.58 59,890.69 0.41Leighton Hld Ltd 4,902 AUD 69,355.16 74,568.97 0.51Lend Lease Group 298 AUD 2,949.89 3,304.17 0.02Lilly (Eli) & Co 416 USD 12,227.26 23,714.96 0.16Lincoln National Corp. 900 USD 34,848.39 42,887.95 0.30Lowe S Companies Inc. 1,900 USD 99,888.76 108,015.20 0.74Luxottica Group 88 EUR 3,844.25 4,004.00 0.03Lyondellbasell Ind Nv -A- 1,105 USD 29,151.88 72,488.80 0.50Macquarie Group Ltd 156 AUD 6,408.85 6,147.82 0.04Magna International Inc. 926 CAD 36,609.12 83,154.39 0.57Man Ag 18 EUR 1,648.43 1,658.88 0.01Marathon Oil Corp. 289 USD 7,747.54 6,755.75 0.05Marriott Intl Inc. A 100 USD 4,768.64 6,447.69 0.04Marubeni Corp. 900 JPY 3,852.21 4,494.57 0.03Mass Transit Railway Corp 1,000 HKD 3,238.02 3,388.16 0.02Merck 100 USD 4,217.26 4,692.61 0.03Merck Kgaa 258 EUR 16,542.83 20,232.36 0.14Metro Inc -A- /Sub Vtg 300 CAD 14,911.02 19,965.76 0.14Michael Kors Holdings Ltd 1,200 USD 80,784.02 74,467.03 0.51Micron Technology Inc 3,600 USD 55,181.97 104,144.77 0.72Microsoft Corp 2,068 USD 45,258.93 79,374.16 0.55Millicom Intl Cell./Swed.Dep. 37 SEK 2,464.59 2,274.34 0.02Mitsubishi Corp 800 JPY 11,077.83 12,222.03 0.08Mitsubishi Electric Corp 3,000 JPY 28,309.16 29,893.52 0.21Mitsubishi Materials Corp 9,000 JPY 21,255.33 24,931.94 0.17Mitsubishi Ufj Financial Group 21,800 JPY 95,410.93 99,824.93 0.69Mitsui & Co Ltd 4,300 JPY 53,477.74 48,047.74 0.33Mizuho Financial Group Inc 2,200 JPY 3,067.58 3,069.98 0.02Morgan Stanley 1,000 USD 26,635.62 32,060.82 0.22Mosaic Co 300 USD 10,543.33 11,316.31 0.08Namco Bandai Hldg 1,100 JPY 18,925.55 19,435.61 0.13National Bank of Canada 2,100 CAD 76,192.30 74,059.49 0.51National Grid Plc 6,231 GBP 62,569.27 73,691.58 0.51Navient Corp 200 USD 2,949.16 3,571.31 0.02Nestle Sa 533 CHF 20,969.35 32,334.58 0.22News Corporation /-A- When Iss 5,800 USD 72,122.80 75,195.84 0.52Next Plc 101 GBP 7,869.45 8,873.11 0.06Nike Inc B 400 USD 22,820.42 31,779.87 0.22Nippon Steel Corp 3,000 JPY 6,484.76 6,220.58 0.04Nippon Tel&Tel 2,000 JPY 71,656.54 85,601.04 0.59Nissan Motor Co.Ltd 1,300 JPY 9,594.96 9,469.04 0.07Nitto Denko Corp 100 JPY 3,409.24 4,667.33 0.03Noble Energy 36 USD 1,516.61 1,410.91 0.01Nok Corp 500 JPY 8,252.11 10,646.73 0.07Northrop Grumman Corp 32 USD 1,809.72 3,897.27 0.03Novartis Ag Basel/Nam. 1,222 CHF 62,651.42 93,847.54 0.65O’Reilly Automotive Inc 700 USD 75,906.60 111,414.64 0.77Occidental Petroleum Corp 400 USD 27,470.63 26,643.53 0.18Omnicom Group Inc. 100 USD 5,417.37 6,401.42 0.04Omron Corp 100 JPY 3,572.34 3,755.64 0.03Omv Ag 68 EUR 1,927.40 1,496.68 0.01Orix Corp 700 JPY 8,329.31 7,349.00 0.05Otsuka Holdings Co Ltd 3,100 JPY 64,679.33 77,267.66 0.53Oversea - Chinese Bk Corp 2,020 SGD 12,835.11 13,172.82 0.09Paccar Inc 200 USD 10,711.75 11,239.46 0.08

UBI SICAV

70

Global Equity


(expressed in EUR)


Quantity


assets

Panasonic Corp 9,400 JPY 74,363.09 92,435.62 0.64Pandora A/S 55 DKK 3,094.46 3,726.06 0.03Parker-Hannifin 100 USD 10,280.69 10,655.26 0.07Partnerre Ltd Bermuda 400 USD 29,500.79 37,722.69 0.26Partners Group Holdings 9 CHF 1,838.27 2,166.74 0.01Paychex Inc. 2,000 USD 75,363.96 76,301.44 0.53Pepsico Inc 1,700 USD 119,873.90 132,830.94 0.91Persimmon Plc 1,033 GBP 17,176.33 20,997.98 0.14Peugeot Sa 182 EUR 1,682.14 1,860.04 0.01Pfizer Inc. Pfizer Inc. 6,721 USD 123,311.66 172,995.50 1.19Philip Morris Int. 1,879 USD 117,778.02 126,462.20 0.87Phillips 66 - Shs When Issued 1,442 USD 73,728.83 85,433.32 0.59Ppl Corp 289 USD 6,462.78 8,675.73 0.06Procter & Gamble Co. 434 USD 23,684.87 32,666.55 0.22Progressive Corp 300 USD 6,034.50 6,690.63 0.05Publ.Serv.Enterprise 175 USD 4,116.06 5,988.06 0.04Public Storage 400 USD 58,601.85 61,097.34 0.42Publicis Groupe Sa* 69 EUR 4,130.08 4,115.16 0.03Qiagen Nv Qiagen Nv 120 EUR 2,292.11 2,323.20 0.02Quest Diagnostics Inc. 1,000 USD 43,759.63 55,412.33 0.38Reckitt Benckiser Group Plc 223 GBP 14,096.20 14,966.24 0.10Resona Holdings Inc 1,000 JPY 3,344.91 4,216.65 0.03Reynolds American Inc 1,500 USD 76,703.73 79,660.39 0.55Rio Tinto Plc /Reg. 674 GBP 27,503.07 26,046.62 0.18Robert Half Intl Inc. 100 USD 3,863.64 4,824.00 0.03Roche Holding Ag /Genussschein 612 CHF 115,894.50 137,362.78 0.95Royal Bank of Canada 2,040 CAD 101,341.73 116,762.68 0.80Royal Caribbean Cruises Ltd 100 USD 3,346.56 6,811.27 0.05Royal Dutch Shell /-B- 3,606 GBP 105,890.66 103,725.27 0.71Royal Dutch Shell Plc /-A- 2,300 GBP 68,999.20 63,803.26 0.44Rtl Group Sa 21 EUR 1,856.93 1,661.52 0.01Safeway Inc. 700 USD 19,577.11 20,314.00 0.14Seiko Epson Corp 2,100 JPY 44,325.82 73,658.80 0.51Severn Trent Plc 122 GBP 3,082.43 3,152.54 0.02Shaw Communic.-B /Non-Vot. 3,200 CAD 53,483.05 71,560.03 0.49Siemens Ag /Nam. 182 EUR 16,880.90 17,062.50 0.12Simon Property/Paired Shs 46 USD 4,801.85 6,922.05 0.05Skandinav.Ensk.Banken A 7,653 SEK 71,535.81 80,395.28 0.55Snam Rete Gas Spa 1,032 EUR 4,179.96 4,231.20 0.03Sodexo 126 EUR 9,915.75 10,240.02 0.07Sony Corp Jpy 50 4,700 JPY 71,866.34 80,079.57 0.55Southern Co. 390 USD 13,103.63 15,826.23 0.11Southwest Airlines Co 3,400 USD 64,705.99 118,896.05 0.82Statoilhydro Asa 4,403 NOK 92,971.70 63,644.81 0.44Sumitomo Corp. 2,900 JPY 28,153.47 24,820.31 0.17Sumitomo Heavy Industries 2,000 JPY 9,355.03 8,999.76 0.06Sumitomo Metal Mining Co.Ltd 2,000 JPY 22,170.95 24,945.72 0.17Sumitomo Mitsui Financial Gr. 700 JPY 17,025.98 21,103.95 0.15Suncor Energy 787 CAD 19,161.87 20,714.96 0.14Suncorp Metway Ltd 687 AUD 6,792.35 6,530.47 0.04Svenska Cellul.-B- 315 SEK 5,738.98 5,614.33 0.04Svenska Handelsbanken A 2,060 SEK 73,628.85 79,692.46 0.55Swiss Re-Namen 181 CHF 8,809.45 12,590.97 0.09Symantec Corp. 2,000 USD 32,982.84 42,397.95 0.29Synchrony Financial 100 USD 2,370.19 2,458.27 0.02Taiheiyo Cement Corp. Tokyo 1,000 JPY 2,934.77 2,611.72 0.02Target Corp 1,100 USD 64,793.98 68,997.69 0.48Tatts Group Ltd 744 AUD 1,713.66 1,740.41 0.01Telecom Corp.of New Zealand 981 NZD 1,816.19 1,973.02 0.01Telecom Italia Spa /Risp.N-Cv 2,982 EUR 2,063.54 2,068.02 0.01Telefonica Sa 3,029 EUR 37,890.17 36,105.68 0.25Telus Corp 2,500 CAD 64,264.99 74,702.19 0.51Teva Pharmaceutical Industr. 2,134 ILS 70,304.38 100,547.16 0.69

UBI SICAV

71

Global Equity


(expressed in EUR)



Quantity


assets

Texas Instruments Inc 1,800 USD 65,248.09 79,521.57 0.55The Swatch Group Ag/Nam. 24 CHF 1,966.00 1,716.42 0.01Time Warner 1,500 USD 75,423.72 105,875.06 0.73Tohoku Electric Power Jpy 500 300 JPY 2,519.91 2,906.66 0.02Tokyo Electric Power Jpy 500 900 JPY 5,200.36 3,051.37 0.02Toronto Dominion Bk 909 CAD 32,897.53 35,993.00 0.25Total Sa* 1,936 EUR 81,483.53 82,318.72 0.57Toyota Industries Corp 100 JPY 3,772.97 4,279.36 0.03Toyota Motor Corp. 900 JPY 42,464.93 46,874.53 0.32Transcanada Corp 400 CAD 14,916.66 16,292.17 0.11Transocean Ltd 181 CHF 6,265.20 2,763.54 0.02Travelers Companies Inc 1,024 USD 72,461.23 89,564.04 0.62Travis Perkins Plc 132 GBP 2,793.30 3,157.59 0.02Tyco Electron /Reg Shs 37 USD 1,487.71 1,933.77 0.01Tyson Foods Inc.-A- 2,900 USD 61,693.34 96,067.59 0.66Ulta Salon Cosmet & Frag Inc 100 USD 6,750.61 10,563.54 0.07Unibail-Rodamco Act. 53 EUR 11,055.69 11,281.05 0.08Unilever Cert.of Shs 836 EUR 22,986.66 27,287.04 0.19Union Pacific Corp. 1,400 USD 89,360.81 137,813.58 0.95Unitedhealth Group Inc 569 USD 20,335.34 47,529.51 0.33Upm - Kymmene Corp 275 EUR 3,429.86 3,745.50 0.03Utd Overseas Bk /Local 1,000 SGD 14,372.99 15,293.02 0.11Valero Ener. Corp 2,055 USD 77,666.73 84,054.29 0.58Vallourec 65 EUR 2,013.12 1,478.75 0.01Verisign Inc 100 USD 4,349.49 4,709.97 0.03Verizon Communications I. 1,877 USD 66,628.70 72,555.00 0.50Visa Inc -A 200 USD 42,076.14 43,331.68 0.30Vodafone Group Plc 13,798 GBP 37,434.61 39,573.92 0.27Voestalpine Ag 2,055 EUR 62,701.04 67,393.73 0.46Volkswagen Ag 15 EUR 2,841.39 2,701.50 0.02Volkswagen Ag /Vorzug. 82 EUR 16,254.86 15,141.30 0.10Voya Financial 100 USD 2,947.19 3,501.90 0.02Wells Fargo & Co 2,049 USD 58,002.62 92,816.21 0.64Wesfarmers Ltd 575 AUD 16,466.01 16,218.64 0.11West Japan Railway Co 100 JPY 3,586.68 3,936.19 0.03Western Digital Corp. 100 USD 7,558.33 9,147.25 0.06Weyerhaeuser Co 300 USD 8,184.70 8,896.88 0.06Wilmar International Ltd 37,000 SGD 70,289.18 74,738.18 0.51Wisconsin Energy Corp 1,446 USD 46,806.58 63,016.06 0.43Wm Morrison Supermarkets Plc 30,460 GBP 66,409.11 72,275.26 0.50Wolseley Plc 924 GBP 37,395.31 43,873.01 0.30Woodside Petroleum Ltd 332 AUD 9,058.47 8,531.75 0.06Xerox Corp. 600 USD 6,213.81 6,871.59 0.05Yahoo Inc 900 USD 36,095.86 37,563.21 0.26Yara International Asa 1,389 NOK 49,640.31 51,082.14 0.35

11,651,253.85 14,111,126.92 97.17

Total - Transferable securities and money market instruments listed on an official stockexchange 11,991,961.08 14,490,960.54 99.79


Rights

Right Immoeast 2010 14,084 EUR - - -- - -

UBI SICAV

72

Global Equity


(expressed in EUR)



Quantity


assets

Shares

Bgp Holdings 9,660 EUR 92.08 - -92.08 - -

Total - Other transferable securities and money market instruments 92.08 - -


UBI SICAV

73

Global Equity


(expressed in EUR)

Global Equity






Petrol 7.72


Retail 5.06




Communications 4.07

Insurance 3.98

Transportation 3.73









Biotechnology 1.70




Chemicals 1.35



Miscellaneous 0.96

Consumer goods 0.85

Textile 0.80

Other services 0.76



Leisure 0.37







Clock and Watch-Making Industry 0.01



100.00



Japan 8.75

Great Britain 6.87

Canada 4.50

Switzerland 3.58

France 2.60

Australia 2.46

Germany 2.42

Sweden 2.09

Hong Kong 1.47

Spain 1.37

Bermuda 1.25

Israel 1.18

Singapore 1.10

Norway 0.93

Netherlands 0.79

Finland 0.55

British Virgin Islands 0.51

Denmark 0.51

Austria 0.47

Jersey 0.30

Belgium 0.27

Portugal 0.22

Italy 0.21

Liberia 0.05

Luxembourg 0.05

New Zealand 0.01


100.00

UBI SICAV

74

Euro Corporate Bond


(expressed in EUR)


Quantity


assets


Bonds

2i Rete Gas 1.125% 14-02.01.20 500,000 EUR 497,620.00 499,750.00 0.35A2a 3.625% 13-13.01.22 1,500,000 EUR 1,549,940.00 1,696,433.94 1.18Abbey Natl 2% 14-14.01.19 500,000 EUR 498,800.00 526,794.51 0.37Abn Amro 2.5% 13-29.11.23 1,500,000 EUR 1,444,110.00 1,681,143.03 1.17Adif Alta V 3.5% 14-27.05.24 500,000 EUR 512,135.00 571,290.51 0.40Air France 3.875% 14-18.06.21 1,000,000 EUR 992,500.00 1,003,200.00 0.70Allianz Fin 5.75% (Frn) 08.07.41 Sub 1,500,000 EUR 1,580,404.40 1,788,772.55 1.25Areva 3.125% 14-20.03.23 1,500,000 EUR 1,516,845.00 1,441,800.05 1.01Arrfp 2.25% 14-16.01.20 1,500,000 EUR 1,525,770.00 1,602,749.97 1.12Asml Holding 3.375% 13-19.09.23 500,000 EUR 510,612.50 580,710.99 0.41Att 1.45% 14-01.06.22 1,000,000 EUR 997,140.00 1,021,900.00 0.71Axa 3.875% 14-Perp 500,000 EUR 496,880.00 502,850.00 0.35Banco Pop 3.5% 14-14.03.19 1,500,000 EUR 1,532,300.00 1,563,855.06 1.09Barclays Bk 6% 08-23.01.18 1,500,000 EUR 1,565,050.00 1,716,660.00 1.20Bayer Ag 3.75% 14-01.07.74 500,000 EUR 500,000.00 530,499.99 0.37Bbvasm 3.5% 14-11.04.24 1,500,000 EUR 1,541,690.00 1,551,306.05 1.08Bco Esp San 2.625% 14-08.05.17 500,000 EUR 497,260.00 465,182.99 0.32Bfcm 1.625% 13-11.01.18 1,500,000 EUR 1,506,975.00 1,552,249.49 1.08Bg Energy 6.5% (Frn) 12-30.11.72 500,000 EUR 500,000.00 547,500.00 0.38Bmw Fin 3.25% 12-14.01.19 2,000,000 EUR 2,162,458.27 2,229,429.94 1.55Bnpp 2.625% 14-14.10.27 1,000,000 EUR 995,240.00 1,005,686.04 0.70Bnpp 3% 12-24.02.17 1,000,000 EUR 1,026,532.13 1,057,397.99 0.74Bnpp 4.73% 06-Perp 1,000,000 EUR 846,908.82 1,025,000.00 0.71Boa 2.5% 13-27.07.20 Regs 1,500,000 EUR 1,514,795.00 1,630,259.97 1.14Bp Milan 4.25% 14-30.01.19 500,000 EUR 498,280.00 534,681.51 0.37Bpce 2.75% 14-08.07.26 1,000,000 EUR 1,003,046.67 1,013,015.98 0.71Bpcm 2.994% 12-18.02.19 1,500,000 EUR 1,598,760.67 1,640,783.96 1.14Brit Sky Br 1.5% 14-15.09.21 500,000 EUR 497,925.00 508,634.99 0.35Carls Brew 3.375% 10-13.10.17 500,000 EUR 509,627.33 537,365.99 0.37Casino Gp 3.994% 12-09.03.20 2,000,000 EUR 2,174,358.50 2,295,672.00 1.60Cce 3.125% 10-29.09.17 1,500,000 EUR 1,550,670.00 1,601,425.55 1.12Citigroup I 2.375% 14-22.05.24 2,000,000 EUR 2,018,895.00 2,161,851.96 1.51Cloverie 1.75% 14-16.09.24 500,000 EUR 496,950.00 522,888.49 0.36Cr Agr 3.875% 12-13.02.19 1,500,000 EUR 1,529,579.53 1,705,377.05 1.19Cs Ag Ldn 1.375% 14-31.01.22 2,000,000 EUR 1,996,830.00 2,055,780.02 1.43Dnb Bank As 3% 13-26.09.23 500,000 EUR 497,740.00 522,799.00 0.36Dt An Fin 3.125% 13-25.07.19 1,000,000 EUR 1,046,975.00 1,097,863.02 0.77Edf 3.875% 12-18.01.22 2,000,000 EUR 2,232,605.00 2,421,107.95 1.69Edf Frn 2013 Perp/Ftf Emtn 1,500,000 EUR 1,578,315.00 1,708,125.00 1.19Enbw Intl 2.5% 14-04.06.26 1,500,000 EUR 1,527,760.00 1,651,930.50 1.15Enel 5% 14-15.01.75 500,000 EUR 496,840.00 529,500.01 0.37Everything 3.25% 12-03.08.18 1,500,000 EUR 1,525,046.67 1,622,388.05 1.13Ewe Ag 4.125% 11-04.11.20 1,000,000 EUR 1,038,242.50 1,179,270.02 0.82Fer Emision 2.5% 14-15.07.24 500,000 EUR 497,295.00 532,032.51 0.37Fga Cap Ie 2.625% 14-17.04.19 2,000,000 EUR 2,005,515.00 2,073,862.00 1.45Fiat 2.75% 14-18.03.19 1,500,000 EUR 1,497,955.00 1,520,199.05 1.06Gas Nat Fen 3.875% 13-11.04.22 500,000 EUR 517,772.50 592,300.99 0.41Gdf Suez 6.375% 09-18.01.21 1,000,000 EUR 1,319,700.00 1,335,991.97 0.93Ge Cap Eur 3.625% 11-15.06.17 1,500,000 EUR 1,582,408.00 1,614,625.52 1.13Ge Cap Iv 4.625% (Frn) 09-66 /Sub 1,000,000 EUR 996,900.00 1,031,979.98 0.72Gen Motors 1.875% 14-15.10.19 1,500,000 EUR 1,511,448.75 1,524,205.52 1.06Generali Fi 4.596% 14-Perp 1,500,000 EUR 1,498,516.67 1,520,798.96 1.06Grpe Bpce 3.75% 10-21.07.17 1,500,000 EUR 1,608,220.00 1,627,292.97 1.13Gs 2.5% 14-18.10.21 1,000,000 EUR 992,260.00 1,083,904.04 0.76Hannover Ru 3.375% 14-Perp 500,000 EUR 496,190.00 501,253.02 0.35Heathrow Fd 1.875% 14-23.05.22 1,500,000 EUR 1,492,475.00 1,586,700.00 1.11Heidel Fin 9.5% 11-15.12.18 1,000,000 EUR 1,302,600.00 1,308,750.00 0.91Hsbc Fr 1.875% 13-16.01.20 1,500,000 EUR 1,587,960.00 1,596,539.96 1.11Hsbc Hldg 5.25% 14-Perp 500,000 EUR 500,000.00 500,000.00 0.35Iberdrola 4.25% 12-11.10.18 500,000 EUR 496,253.00 566,501.51 0.40Imperial Tob 4.5% 11-05.07.18 2,000,000 EUR 2,211,250.54 2,264,644.02 1.58

UBI SICAV

75


Quantity


assets

Infra Foch 1.25% 14-16.10.20 500,000 EUR 498,965.00 505,900.00 0.35Ing Nv 1.25% 14-13.12.19 2,000,000 EUR 2,009,725.00 2,064,160.00 1.44Ing Nv 3.625%/Frn 14-25.02.26 500,000 EUR 498,725.00 539,160.01 0.38Intesa San 2% 14-18.06.21 1,000,000 EUR 996,900.00 1,037,962.04 0.72Intesa San 3.928% 14-15.09.26 1,500,000 EUR 1,483,555.00 1,530,975.03 1.07Intesa Sanpa 6.625% 08-18 Emtn 500,000 EUR 562,550.00 549,774.52 0.38Italy 4.75% 12-01.05.17 Btp 500,000 EUR 534,495.00 547,865.00 0.38Jef 2.375% 14-20.05.20 500,000 EUR 498,730.00 508,694.00 0.35Jpm Chase Co 2.75% 12-24.08.22 1,000,000 EUR 1,010,380.00 1,125,627.98 0.78Kbc Ifima 2.125% 13-10.09.18 500,000 EUR 498,800.00 529,263.99 0.37Kellogg Co 1.75% 14-24.05.21 500,000 EUR 497,555.00 521,795.01 0.36Kpn 4.25% 12-01.03.22 1,000,000 EUR 1,027,165.20 1,191,661.99 0.83Lafarge Sa 4.75% 13-30.09.20 1,000,000 EUR 1,061,500.00 1,181,250.00 0.82Lloyds 1% 14-19.11.21 500,000 EUR 496,015.00 505,640.49 0.35Mediobanca 0.875% 14-14.11.17 500,000 EUR 499,865.00 498,399.01 0.35Metro 1.375% 14-28.10.21 2,000,000 EUR 1,984,970.00 2,001,643.98 1.40Mor St 1.875% 14-30.03.23 1,500,000 EUR 1,499,865.01 1,552,689.06 1.08Ngg Fin 4.25%(Frn) 13-18.06.76 500,000 EUR 499,865.00 541,740.50 0.38Nn Group 4.5% 14-Perp 500,000 EUR 495,465.00 498,125.00 0.35Nomura Eur 1.875% 13-29.05.18 500,000 EUR 497,100.00 515,863.99 0.36Nordea Bank 2% 14-17.02.21 1,000,000 EUR 1,001,663.33 1,079,089.97 0.75Orange 5% 14-Perp 500,000 EUR 494,500.00 530,000.00 0.37Pemex 3.125% 13-27.11.20 500,000 EUR 496,790.00 531,500.02 0.37Pernod Ric 2.125% 14-27.09.24 1,500,000 EUR 1,513,751.24 1,569,826.47 1.09Peugeot 7.375% 13-06.03.18 1,000,000 EUR 1,076,845.00 1,153,445.98 0.80Philip Mor 1.875% 14-03.03.21 500,000 EUR 497,635.00 530,812.99 0.37Pirelli Int 1.75% 14-18.11.19 500,000 EUR 497,490.00 503,900.00 0.35Portel 5.875% 12-17.04.18 500,000 EUR 497,350.00 537,495.01 0.38Pubfp 1.625% 14-16.12.24 500,000 EUR 496,535.00 505,300.00 0.35Rabobk 2.5% 14-26.05.26 500,000 EUR 498,700.00 508,525.01 0.35Rabobk 3.875% 11-20.04.16 2,000,000 EUR 2,090,376.25 2,093,210.00 1.46Rbs Grp 1.5% 13-28.11.16 1,000,000 EUR 1,003,015.00 1,016,680.98 0.71Rbs Grp 3.625% 14-25.03.24 1,000,000 EUR 996,320.00 1,009,848.02 0.70Renault 3.625% 13-19.09.18 2,000,000 EUR 2,081,362.50 2,173,439.94 1.51Repsm 4.875% 12-19.02.19 1,500,000 EUR 1,706,450.00 1,730,052.00 1.21Sanpolo Vi 4.75%/Frn 14-Perp 500,000 EUR 500,000.00 508,750.00 0.36Sant Id 1.375% 14-25.03.17 1,500,000 EUR 1,508,130.00 1,526,055.00 1.06Schneid El 3.75% 11-12.07.18 500,000 EUR 512,745.00 558,198.02 0.39Shb 2.656% 14-15.01.24 1,500,000 EUR 1,544,475.00 1,564,053.05 1.09Smithkline 0.625% 14-02.12.19 1,500,000 EUR 1,497,460.00 1,510,050.00 1.05Socgen 4% 13-07.06.23 Regs 1,000,000 EUR 995,713.33 1,108,911.97 0.77Socgen 6.75% 14-Perp 500,000 EUR 500,000.00 485,250.00 0.34Solvay Fin 4.199% /Frn 13-Perp 500,000 EUR 523,450.00 520,253.99 0.36Spbk 1 Sr 3.5% 12-27.03.17 1,000,000 EUR 1,067,155.00 1,069,189.99 0.75St Gobain 3.625% 12-15.06.21* 1,000,000 EUR 1,023,249.00 1,165,301.97 0.81Std Chart 1.625% 14-13.06.21 500,000 EUR 496,860.00 512,900.01 0.36Suez Env 4.078% 11-17.05.21 500,000 EUR 559,051.25 602,750.02 0.42Swedbank 1.5% 14-18.03.19 500,000 EUR 498,880.00 522,538.49 0.36Tele.Italia 5.375% 04-19 Emtn 1,500,000 EUR 1,609,875.00 1,673,518.53 1.17Telefonica 3.961% 26.03.21* 1,000,000 EUR 1,001,475.00 1,176,951.98 0.82Telekom Fin 6.375% 09-29.01.16 1,000,000 EUR 1,100,696.66 1,063,964.00 0.74Telstra Corp 2.5% 13-15.09.23 500,000 EUR 499,252.50 560,029.99 0.39Tesco Corp 1.375% 14-01.07.19 500,000 EUR 497,600.00 476,318.02 0.33Thyssenkp 4%13-27.08.18 Emtn* 1,500,000 EUR 1,508,121.25 1,614,075.05 1.13Total Cap 1.375% 14-19.03.25 1,000,000 EUR 989,660.00 1,005,945.97 0.70Ubs Ag Lond 1.25% 14-03.09.21 500,000 EUR 499,348.33 515,323.98 0.36Ubs Ln 4.75% 14-12.02.26 500,000 EUR 517,500.00 535,375.00 0.37Ucb 5.75% 09-10.12.16 500,000 EUR 549,000.00 546,250.00 0.38Unicredit 5.75% 13-28.10.25 1,500,000 EUR 1,568,050.00 1,620,726.02 1.13Unipol Grup 4.375% 14-05.03.21 500,000 EUR 538,920.00 532,223.51 0.37Veolia 4.375% 06-16.01.17 1,000,000 EUR 1,094,218.75 1,082,711.03 0.75Vinci 3.375% 12-30.03.20 1,500,000 EUR 1,539,058.00 1,699,197.00 1.18Volvo Tsy 4.85% 14-10.03.78 500,000 EUR 499,275.00 502,850.00 0.35

UBI SICAV

76

Euro Corporate Bond


(expressed in EUR)



Quantity


assets

Vw Intl Fin Frn 13 Ftf /Perp 500,000 EUR 496,065.00 531,250.00 0.37Wells Fargo 2.125% 14-04.06.24 1,500,000 EUR 1,492,570.00 1,619,170.53 1.13Xstrata Fin Frn 12-19.11.18 1,500,000 EUR 1,587,230.00 1,581,796.53 1.10

133,161,190.05 139,297,663.78 97.06


stock exchange 133,161,190.05 139,297,663.78 97.06


OptionsCall Usd/Jpy Spot Cross 30/01/15 122 9,000,000 USD 32,671.83 45,609.82 0.03Put Eur/Usd Spot -Cross Rates 30/01/15 1 8,000,000 EUR 52,000.00 59,736.00 0.04

84,671.83 105,345.82 0.07



UBI SICAV

77

Euro Corporate Bond


(expressed in EUR)

Euro Corporate Bond







Communications 6.12

Insurance 3.03

Retail 3.00



Transportation 2.19








Miscellaneous 0.42



Chemicals 0.37

Petrol 0.37



100.00


France 25.78

Netherlands 16.73

Great Britain 14.12


Italy 9.29

Germany 4.07

Spain 3.73

Ireland 2.94

Sweden 2.55

Luxembourg 1.97

Jersey 1.11

Norway 1.11


Austria 0.74

Australia 0.39

Belgium 0.38

Denmark 0.37

Mexico 0.37

Portugal 0.32

Japan 0.03


100.00

UBI SICAV

78

High Yield Bond


(expressed in EUR)


Quantity


assets


Bonds

1st Quant Min 7.25% 12-15.10.19 965,000 USD 753,894.14 737,584.70 0.061st Quant Min 7.25% 12-15.10.19 200,000 USD 157,315.56 152,867.29 0.011st Quant-144a-6.75% 14-15.02.20 1,450,000 USD 1,061,330.43 1,084,324.90 0.09Aa Bond 9.5% 13-31.07.43 3,050,000 GBP 4,073,131.60 4,314,315.26 0.34Abengoa Fin 6% 14-31.03.21 2,200,000 EUR 2,200,000.00 1,872,750.00 0.15Abengoa Fin 8.875% 13-05.02.18 2,000,000 EUR 2,005,000.00 1,911,000.06 0.15Abja Invest 5.95% 14-31.07.24 5,315,000 USD 3,940,322.52 4,383,052.52 0.35Academy Ltd 9.25% 01.08.19 144a 2,980,000 USD 2,551,717.30 2,585,523.05 0.20Acadia Hlth 6.125% 14-15.03.21 4,215,000 USD 3,330,804.63 3,552,553.30 0.28Acadia Hlth 12.875% 11-01.11.18 520,000 USD 366,193.63 483,391.18 0.04Activision 6.125%13-15.09.23 144a 455,000 USD 341,848.23 405,108.66 0.03Adria Bidco 7.875% 13-15.11.20 2,400,000 EUR 2,400,000.00 2,553,600.05 0.20Aep Inds Inc 8.25% 11-15.04.19 650,000 USD 452,340.01 542,472.32 0.04Aercap Irel 3.75% 14-15.05.19 1,000,000 USD 721,292.56 818,046.60 0.06Aercap Irel 4.5% 14-15.05.21 950,000 USD 685,227.93 794,806.64 0.06Aes 4.875%13-15.05.23 2,225,000 USD 1,745,859.10 1,824,750.04 0.14Aes 5.5% 14-15.03.24 1,125,000 USD 818,539.00 943,356.49 0.07Aes 7.375%12-01.07.21 2,500,000 USD 2,139,980.48 2,334,324.91 0.18Aes Corp 8% 08-01.06.20 2,175,000 USD 1,819,655.83 2,053,327.97 0.16Affinity 9% 13-15.05.18 /Unrest 4,410,000 USD 3,615,051.40 3,498,264.75 0.28Afren 10.25% 12-08.04.19 1,000,000 USD 833,454.92 537,101.31 0.04Afren 10.25% 12-08.04.19 Regs* 590,000 USD 535,551.18 317,703.93 0.03Afren 11.5% 11-01.02.16 2,064,000 USD 1,856,927.46 1,433,646.01 0.11Agrokor Dd 9.125% 12-01.02.20 2,150,000 EUR 2,391,875.00 2,341,350.04 0.19Ak Steel 7.625% 14-01.10.21 2,300,000 USD 1,765,163.81 1,743,720.05 0.14Alcatel USA 6.75% 13-15.11.20 2,020,000 USD 1,505,736.58 1,761,783.23 0.14Alize Finco 6.25% 14-01.12.21 2,000,000 EUR 1,931,120.00 1,910,000.00 0.15Alliant Tech 5.25% 13-01.10.21 1,175,000 USD 852,994.56 978,195.75 0.08Allison Tran 7.125% 11-15.05.19 350,000 USD 276,854.22 302,584.28 0.02Ally Fin 3.75% 14-18.11.19 4,400,000 USD 3,494,470.27 3,581,226.24 0.28Ally Fin 8% 10-15.03.20 804,000 USD 747,027.53 783,936.54 0.06Ally Financial 7.5% 11-15.09.20 1,438,000 USD 1,219,693.68 1,393,203.60 0.11Am Axle & M 6.25% 13-15.03.21 2,275,000 USD 1,756,038.99 1,973,847.29 0.16Am Axle & M 6.625%12-15.10.22 725,000 USD 579,658.64 635,019.01 0.05Am Axle & M 7.75%11-15.11.19 425,000 USD 361,622.53 393,323.42 0.03Amc Ent 9.75% 11-01.12.20 3,875,000 USD 3,109,930.48 3,482,120.72 0.28Amc Networks 7.75% 12-15.07.21 1,500,000 USD 1,263,072.90 1,326,227.07 0.10Amerigas Part 7% 12-20.05.22 1,000,000 USD 842,609.77 855,230.54 0.07Amerigas Partners 6.5% 20.05.21 2,528,000 USD 1,974,427.37 2,141,133.70 0.17Amsurg Corp 5.625% 14-15.07.22 2,150,000 USD 1,571,522.55 1,820,980.00 0.14Ancestry 9.625%13 15.10.18-Pik 405,000 USD 301,398.18 327,962.32 0.03Anna Merg S 7.75% 14-01.10.22 3,250,000 USD 2,511,591.96 2,719,075.36 0.21Aramark 5.75% 13-15.03.20 950,000 USD 766,565.32 810,506.53 0.06Arcelormit 6.125% 08-01.06.18 3,950,000 USD 3,181,937.04 3,480,158.24 0.28Arcelormit 6.25% 12-25.02.22 7,068,000 USD 5,857,706.88 6,234,581.06 0.49Arch Coal 9.875% 13-15.06.19 350,000 USD 264,156.24 98,330.85 0.01Arch Coal Inc 7.25% 10-01.10.20 400,000 USD 232,731.61 107,420.26 0.01Ardagh Finl 8.375% 15.06.19 /Pik 1,251,087 EUR 1,237,044.00 1,188,532.65 0.09Ardagh Pck 6% 14-30.06.21 875,000 USD 644,472.27 690,485.04 0.05Ardagh Pck 6.25% 14-31.01.19 600,000 USD 439,689.29 484,630.64 0.04Ardagh Pck 6.75% 14-31.01.21 2,330,000 USD 1,707,460.06 1,915,675.10 0.15Argentina 7% 05-03.10.15 8,000,000 USD 5,517,299.35 6,437,833.97 0.51Argentina 7.82% 03-33 Pik 1,750,000 EUR 1,453,075.93 2,101,132.69 0.17Argentina 7.82% 09-31.12.33 /Pik 4,200,000 EUR 3,322,483.16 4,904,932.31 0.39Argentina 8.28% 09-31.12.33 792 USD - 734.04 -Argentina 8.75% 10-30.04.17 600,219 USD 438,379.71 436,450.77 0.03Argentina Frn 03-15.12.35 Gdp 2,352 USD - 129.63 -Asca 7.5% 11-15.04.21 1,500,000 USD 1,185,759.98 1,292,129.42 0.10Ashtead Cap 5.625% 14-01.10.24 1,475,000 USD 1,141,817.62 1,249,276.98 0.10Ashtead Cap 6.5% 12-15.07.22 7,741,000 USD 6,358,696.70 6,796,242.35 0.54

UBI SICAV

79



Quantity


assets

Aston Es 9.5% 14-15.08.21 4,825,000 USD 3,582,300.10 3,687,923.48 0.29Audatex Nth 6% 13-15.06.21 144a 2,200,000 USD 1,638,126.60 1,872,417.78 0.15Audatex Nth 6.125% 13-01.11.23 1,250,000 USD 1,046,842.44 1,066,455.96 0.08Aurico Gold 7.75% 14-01.04.20 900,000 USD 638,898.95 684,184.43 0.05Autodis 6.5% 14-01.02.19 1,000,000 EUR 1,000,000.00 1,000,000.00 0.08Avaya 10.5% 13-01.03.21 /144a 7,920,000 USD 5,616,543.44 5,595,438.77 0.44Avaya 7% 11-01.04.19 144a 575,000 USD 417,591.92 463,249.88 0.04Avis Bud 6% 13-01.03.21 3,250,000 EUR 3,385,695.88 3,410,874.90 0.27Avis Bud Car 9.75% 11-15.03.20 1,150,000 USD 824,395.32 1,035,779.21 0.08Aviv 6% 13-15.10.21 2,700,000 USD 1,996,450.75 2,320,277.64 0.18Aviv 7.75% 11-15.02.19 925,000 USD 673,553.08 796,438.58 0.06Axiall 4.875% 13-15.05.23 5,580,000 USD 4,401,026.58 4,351,450.17 0.34B&G Foods 4.625% 01.06.21 3,975,000 USD 3,091,460.57 3,206,079.61 0.25Bcei 5.75% 14-01.02.23 725,000 USD 534,227.40 473,268.88 0.04Bcei 6.75% 13-15.04.21 300,000 USD 233,288.52 218,145.76 0.02Bcp Singaporevi 8% 14-15.04.21 1,950,000 USD 1,414,581.07 1,627,416.96 0.13Beazer 5.75% 14-15.06.19 2,675,000 USD 1,949,992.71 2,121,963.31 0.17Beazer 6.625% 12-15.04.18 3,350,000 USD 2,764,264.10 2,892,703.68 0.23Beazer 7.25% 13-01.02.23 4,045,000 USD 3,231,412.67 3,242,150.06 0.26Beazer 9.125% 11-15.05.19 500,000 USD 417,049.28 431,746.82 0.03Beis 8.5% 13-01.12.21 2,375,000 USD 1,755,877.57 1,766,236.99 0.14Belden Inc 5.5% 13-15.04.23/Sub 4,015,000 EUR 4,023,925.00 4,164,558.67 0.33Belden Inc 5.5% 14-15.04.23 1,775,000 EUR 1,837,125.00 1,841,118.71 0.15Berry Plas 9.75% 11-15.01.21 4,213,000 USD 3,617,569.48 3,872,882.58 0.31Bertin Ltda 10.25% 06-16 144a 1,950,000 USD 1,597,867.13 1,748,264.75 0.14Bibby Offsh 7.5% 14-15.06.21 780,000 GBP 969,185.10 884,193.71 0.07Blueline Re 7% 14-01.02.19 2,000,000 USD 1,508,497.33 1,693,934.89 0.13Bmc Soft Fin 8.125% 13-15.07.21 7,245,000 USD 5,564,715.80 5,627,416.96 0.44Boa Frn Perp 2,050,000 USD 1,380,215.74 1,564,772.35 0.12Bombardier 6% 14-15.10.22 2,100,000 USD 1,560,990.78 1,752,602.88 0.14Bombardier 6.125% 13-15.01.23 2,350,000 USD 1,877,332.80 1,980,664.35 0.16Bombardier 7.5% 10-15.03.18 500,000 USD 413,981.72 450,338.79 0.04Bombardier 7.75% 10-15.03.20 6,325,000 USD 5,754,737.51 5,670,653.61 0.45Boparan 4.375% 14-15.07.21 4,200,000 EUR 4,200,000.00 3,507,000.00 0.28Boyd Gam 9% 13-01.07.20 4,000,000 USD 3,204,658.60 3,387,869.77 0.27Boyd Gam 9.125% 11-01.12.18 Wi 2,000,000 USD 1,635,710.47 1,693,934.89 0.13Brf 5.875% 12-06.06.22 1,600,000 USD 1,243,412.51 1,398,777.10 0.11Brighthouse 7.875% 13-15.05.18 3,400,000 GBP 4,063,526.70 4,204,557.50 0.33Brightstar 7.25% 13-01.08.18 144a 3,550,000 USD 2,658,100.99 3,131,403.90 0.25Brk Res Pptys 6.125% 01.07.22 144a 2,250,000 USD 1,679,856.65 1,933,564.70 0.15Building Mat 6.75% 11-01.05.21 6,250,000 USD 5,284,147.62 5,461,390.68 0.43Burau Cap 12.5% 10-08.07.15 5,310,000 USD 4,357,015.17 2,152,607.84 0.17Calpine 5.375% 14-15.01.23 3,200,000 USD 2,398,160.99 2,670,632.95 0.21Capella Heal 9.25% 11-01.07.17 3,865,000 USD 3,089,875.73 3,317,442.37 0.26Capsugel 7% 13-15.05.19 /Pik 3,325,000 USD 2,494,258.35 2,774,954.55 0.22Carlson Wagonlit 7.5% 15.06.19 2,715,000 EUR 2,806,968.75 2,884,687.50 0.23Carmike Cine 7.375% 12-15.05.19 1,300,000 USD 1,014,038.63 1,141,340.27 0.09Carnaudmet 4% 14-15.07.22 4,200,000 EUR 4,200,000.00 4,357,500.00 0.34Catamaran 4.75% 14-15.03.21 1,250,000 USD 901,680.73 1,032,887.13 0.08Cbre Serv 5% 15.03.23 Sr 1,075,000 USD 825,906.58 907,736.34 0.07Cbs Out Am Cap 5.625% 15.02.24 1,500,000 USD 1,102,697.93 1,245,661.87 0.10Cco Hldgs 5.75% 13-15.01.24 Dr 337,000 USD 264,550.25 281,251.03 0.02Cco Hldgs 5.75% 14-01.09.23 1,500,000 USD 1,147,227.53 1,254,957.86 0.10Ccoh Safari 5.75% 14 -01.12.24 2,475,000 USD 1,939,351.20 2,068,124.07 0.16Cdw Llc/Fin 8.5% 11-01.04.19 802,000 USD 695,066.00 698,320.53 0.06Ce Energy 7% 14-01.02.21 3,200,000 EUR 3,200,000.00 3,192,000.00 0.25Cec Ent 8% 14-15.02.22 3,225,000 USD 2,370,675.07 2,618,213.93 0.21Cedar Fair 5.25% 13-15.03.21 300,000 USD 230,033.36 249,132.37 0.02Cedar Fair 5.375% 14-01.06.24 276,000 USD 202,687.82 226,921.17 0.02Cemex 5.7% 14-11.01.25 2,925,000 USD 2,255,552.13 2,308,192.86 0.18Cemex 5.875% 13-25.03.19 Regs 400,000 USD 308,118.93 335,481.74 0.03Cemex 6.5% 13-10.12.19 144a 3,950,000 USD 2,983,158.38 3,343,889.34 0.26Cemex Fin 9.375% 12-12.10.22 640,000 USD 569,157.88 589,654.60 0.05

UBI SICAV

80

High Yield Bond


(expressed in EUR)


Quantity


assets

Cemex Fin 9.375% 12-12.10.22* 750,000 USD 648,008.50 695,649.48 0.06Cemex Lux 9.875% 30.04.19 Regs 1,000,000 USD 849,639.55 911,006.45 0.07Cemex Lux 9.875% 30.04.19 Senior 6,185,000 USD 5,221,170.80 5,609,021.24 0.44Centurylink 5.625% 13-01.04.20 V 3,698,000 USD 2,974,963.69 3,170,281.77 0.25Centurylink Inc 5.8% 15.03.22 3,000,000 USD 2,395,865.06 2,571,888.94 0.20Cequel Comm 5.125% 13-15.12.21 7,395,000 USD 5,695,471.35 5,927,243.43 0.47Cequel Comm 5.125% 14-15.12.21 2,500,000 USD 1,874,807.22 2,003,801.02 0.16Cgg 5.875% 14-15.05.20 1,550,000 EUR 1,550,000.00 1,311,299.97 0.10Cgg 6.875% 14-15.01.22 925,000 USD 668,593.75 580,895.72 0.05Cgg Veritas 7.75% 07-15.05.17 754,000 USD 567,665.32 535,812.26 0.04Chemtura 5.75% 13-15.07.21 Sr 1,850,000 USD 1,412,968.76 1,490,456.12 0.12Chrysler 8% 11-15.06.19 400,000 USD 324,238.01 347,463.23 0.03Chrysler 8.25% 11-15.06.21 4,750,000 USD 3,984,530.40 4,346,905.47 0.34Chs 5.125% 14-01.08.21 1,675,000 USD 1,231,979.99 1,435,971.33 0.11Chs 6.875% 14-01.02.22 2,375,000 USD 1,764,371.42 2,078,998.23 0.16Chs Com Hlth 7.125% 12-15.07.20 3,010,000 USD 2,516,973.81 2,651,968.68 0.21Chs Com Hlth 8% 15.11.19 2,727,000 USD 2,319,269.28 2,405,447.44 0.19Cimpor Fin 5.75% 14-17.07.24 2,200,000 USD 1,603,802.61 1,595,009.06 0.13Cinemark 4.875% 13-01.06.23 5,625,000 USD 4,369,271.40 4,392,352.50 0.35Cit Group 5% 12-15.05.17 580,000 USD 475,555.48 497,231.86 0.04Cit Group 5% 12-15.08.22 10,050,000 USD 8,509,051.56 8,532,783.84 0.67Cit Group 5.375% 12-15.05.20 3,225,000 USD 2,425,671.89 2,816,478.73 0.22Citigp Fdg 5.5% 12-15.02.19 1,000,000 USD 826,972.01 871,756.73 0.07City Buenos 12.5% 10-06.04.15 300,000 USD 245,701.89 250,371.84 0.02Claire S St 6.125% 15.03.20 144a 200,000 USD 152,858.45 146,256.82 0.01Claire S St 7.75% 01.06.20 144a 2,250,000 USD 1,717,950.68 1,050,446.21 0.08Claire S St 9% 12-15.03.19 950,000 USD 806,457.79 773,219.30 0.06Clean Ha 5.125% 01.06.21 500,000 USD 371,187.80 412,121.96 0.03Clean Har 5.25% 12-01.08.20 925,000 USD 755,718.95 768,158.16 0.06Clear Ch Wld 6.5% 13-15.11.22 480,000 USD 371,694.35 403,569.66 0.03Cleavb 8.75% 12-15.12.19 144a 4,000,000 USD 3,297,289.06 3,478,763.84 0.27Cmlp 6% 13-15.12.20 350,000 USD 271,118.17 276,917.04 0.02Cnh Capital 3.625% 13-15.04.18 500,000 USD 389,105.06 406,957.53 0.03Coluif 7.375% 14-30.03.21 3,930,000 USD 3,138,413.45 3,417,885.47 0.27Columbia 11.75% 00-25.02.20 80,000 USD 77,822.92 93,769.62 0.01Columbus Mck 7.875% 11-01.02.19 4,235,000 USD 3,444,446.16 3,639,398.45 0.29Com Metals 4.875% 13-15.05.23 2,225,000 USD 1,688,804.55 1,755,804.83 0.14Commscope Hldg 6.625% 13-20 Pik 7,500,000 USD 5,752,604.99 6,383,242.44 0.50Concho Res In5.5% 12-01.04.23 1,850,000 USD 1,429,637.78 1,535,857.73 0.12Cons Engy F 6.75% 14-15.10.19 1,650,000 USD 1,290,794.15 1,332,734.26 0.11Consol En 5.875% 14-15.04.22 2,325,000 USD 1,781,194.08 1,786,688.15 0.14Consol En 6.375% 12-01.03.21 500,000 USD 359,185.13 413,154.85 0.03Convatec 10.875% 10-15.12.18 Regs 1,300,000 EUR 1,092,000.00 1,371,500.00 0.11Convatec 7.375% 10-15.12.17 Regs 2,675,000 EUR 2,842,250.00 2,778,656.25 0.22Convatec Fin 8.25% 13-15.01.19 Pik 2,375,000 USD 1,766,396.21 1,991,922.82 0.16Corelogic 7.25% 12-01.06.21 750,000 USD 528,336.45 650,718.89 0.05Corp Pesquera 9% 10-10.02.17 5,650,000 USD 4,613,746.87 4,639,704.18 0.37Covanta 5.875% 14-01.03.24 891,000 USD 666,374.97 749,126.18 0.06Covanta 6.375% 12-01.10.22 1,275,000 USD 1,000,758.72 1,116,757.56 0.09Covanta 7.25% 10-01.12.20 6,581,000 USD 5,399,161.80 5,777,815.65 0.46Cpn 6% 13-15.01.22 850,000 USD 617,007.32 748,016.86 0.06Cpn 7.875% 11-15.01.23 144a 1,800,000 USD 1,583,588.34 1,639,811.60 0.13Crmsn Mrgr 6.625% 14-15.05.22 6,275,000 USD 4,542,575.43 4,660,102.67 0.37Crown N.3 7% 11-15.02.18 Reg-S 1,250,000 GBP 1,011,591.92 1,021,454.70 0.08Crw Castle 5.25% 12-15.01.23 450,000 USD 347,893.31 379,276.15 0.03Csc Hldg 7.625% 98-15.07.18 1,470,000 USD 1,204,450.25 1,364,991.33 0.11Csc Hldgs 7.875% 98-15.02.18 700,000 USD 524,553.57 649,272.85 0.05Cst Brands 5% 13-01.05.23 3,100,000 USD 2,446,650.72 2,587,175.67 0.20Ctr Part 5.875% 14-01.06.21 1,300,000 USD 947,660.01 1,087,630.14 0.09Cyrus 6.375% 13-15.11.22 4,775,000 USD 3,940,750.88 4,211,958.77 0.33Dana Hldg 5.375% 13-15.09.21 750,000 USD 550,348.74 638,324.24 0.05Dana Hldg 6.75% 11-15.02.21 1,837,000 USD 1,531,246.25 1,605,211.95 0.13Darling Ing 5.375% 14-15.01.22 1,400,000 USD 1,017,146.18 1,139,481.08 0.09

UBI SICAV

81

High Yield Bond


(expressed in EUR)



Quantity


assets

Denbury Res 6.375% 11-15.08.21 3,205,000 USD 2,645,830.80 2,515,906.47 0.20Deut Rast Grup 6.75% 30.12.20 3,150,000 EUR 3,169,250.00 3,339,000.00 0.26Dfs Furniture 7.625% 15.08.18 750,000 GBP 866,751.00 997,740.94 0.08Dft 5.875% 13-15.09.21 2,800,000 USD 2,103,681.44 2,357,048.42 0.19Digicel 6% 13-15.04.21 650,000 USD 535,656.86 507,313.67 0.04Digicel 7%12-15.02.20 5,720,000 USD 4,613,738.82 4,584,696.74 0.36Digicel Grp 7.125% 14-01.04.22 4,000,000 USD 2,875,422.33 3,073,872.09 0.24Digicel Grp 7.125% 14-01.04.22 1,000,000 USD 728,918.27 776,731.12 0.06Digicel Grp 8.25% 12-30.09.20 1,800,000 USD 1,468,573.94 1,442,736.74 0.11Digicel Grp 8.25% 12-30.09.20 1,500,000 USD 1,205,255.36 1,202,280.61 0.10Dish Dbs 5.875% 12-15.07.22 1,350,000 USD 1,069,058.15 1,143,406.05 0.09Dish Dbs 5.875% 14-15.11.24 1,500,000 USD 1,200,960.77 1,245,661.87 0.10Dolphin Sub 6.5% 12-15.10.16 123,000 USD 97,812.23 107,226.08 0.01Dolphin Sub 7.25% 12-15.10.21 8,775,000 USD 6,676,080.90 7,395,884.98 0.58Domtar 10.75% 09-01.06.17 50,000 USD 33,624.85 49,106.35 -Ds Services 10% 13-01.09.21 2,925,000 USD 2,145,845.08 2,791,584.04 0.22Ducommun Inc 9.75% 12-15.07.18 1,060,000 USD 734,377.17 937,200.46 0.07Dufry Fin Sca 5.5%15.10.20 144a 1,875,000 USD 1,441,829.69 1,611,629.35 0.13Dycom Inv 7.125% 11-15.01.21 1,000,000 USD 788,430.01 867,625.19 0.07Dynegy Fin 7.375% 14-01.11.22 9,000,000 USD 7,527,062.58 7,566,931.09 0.60Dynergy 5.875% 13-01.06.23 3,450,000 USD 2,642,170.97 2,708,230.04 0.21Eagle Spinc 4.625% 14-15.02.21 325,000 USD 243,263.47 254,451.74 0.02Edc Fin 4.875% 17.04.20 -144a- 2,800,000 USD 2,132,845.83 1,492,315.32 0.12Edu Uk 8.875% 13-15.09.18 2,475,000 GBP 3,004,539.30 3,116,782.89 0.25Egypt 6.875% 10-30.04.40 Regs 750,000 USD 605,362.06 636,774.91 0.05Eileme 2 Ab 11.625% 12-31.01.20 470,000 USD 404,894.84 434,969.43 0.03Eileme 2 Ab 11.75% 31.01.20 2,918,000 EUR 3,345,155.75 3,326,520.00 0.26El Salvador 8.25% 02-32 144a 200,000 USD 175,078.86 188,398.61 0.01Elfiuk 12.25% 12-15.06.20 650,000 GBP 886,470.16 845,677.70 0.07Elfiuk 8.75% 12-15.06.19 4,000,000 GBP 5,199,532.70 5,204,242.78 0.41Endo Finance 5.75% 13-15.01.22 1,450,000 USD 1,051,334.11 1,198,149.07 0.09Entercom Rad 10.5% 11-01.12.19 775,000 USD 565,863.55 694,823.17 0.05Ep Energy 6.875% 12-01.05.19 300,000 USD 229,524.50 251,611.30 0.02Esal Gmbh 6.25% 13-05.02.23 1,750,000 USD 1,275,360.36 1,365,642.04 0.11Esal Gmbh 6.25% 13-05.02.23 144a 5,175,000 USD 3,858,496.81 4,051,654.69 0.32Esterline Tec 7% 10-01.08.20 2,000,000 USD 1,528,724.51 1,735,250.37 0.14Eurochem 5.125% 12-12.12.17 3,000,000 USD 2,350,977.17 2,187,654.93 0.17Everest Acq/Fin 9.375% 01.05.20 2,825,000 USD 2,511,520.00 2,357,668.15 0.19Evraz 6.5% 22.04.20 144a 5,000,000 USD 3,817,085.27 3,207,321.10 0.25Evraz Gp 9.5% 08-24.04.18 Regs 1,750,000 USD 1,395,764.58 1,298,401.09 0.10Exopack Hld 7.875% 13-01.11.19 3,175,000 USD 2,308,116.41 2,702,239.30 0.21Faenza 8.25% 13-15.08.21 Regs 5,300,000 EUR 5,439,750.00 5,698,030.11 0.45Felcor Lodg 5.625% 13-01.03.23 1,800,000 USD 1,398,670.30 1,472,483.89 0.12Fgp 6.5% 11-01.05.21 2,700,000 USD 2,047,996.78 2,175,260.29 0.17Fgp 6.75% 14-15.01.22 5,011,000 USD 3,741,134.15 4,047,473.56 0.32Fiat Ft 6.625% 13-15.03.18* 3,650,000 EUR 3,829,269.91 4,046,893.77 0.32Fiat Ft 6.75% 13-14.10.19 Regs 3,400,000 EUR 3,429,544.00 3,899,310.40 0.31First Data 10.625% 14-15.06.21 6,524,000 USD 5,063,700.41 6,105,131.38 0.48First Data 11.25% 13-15.01.21 1,891,000 USD 1,532,857.20 1,773,496.12 0.14First Data 11.75% 14-15.08.21 8,447,000 USD 6,275,784.67 8,009,364.15 0.63First Data 12.625% 11-15.01.21 3,950,000 USD 3,154,087.71 3,875,908.94 0.31First Quality 4.625% 13-15.05.21 4,000,000 USD 3,075,825.19 3,024,293.51 0.24First Quant-144a-7% 14-15.02.21 1,536,000 USD 1,090,581.53 1,142,290.53 0.09Fsl Sem 6% 13-15.01.22 1,600,000 USD 1,160,513.53 1,381,589.82 0.11Fsl Sem 8.05% 11-01.02.20 169,000 USD 117,409.29 150,468.93 0.01Ftr 7.125% 12-15.01.23 2,544,000 USD 1,993,451.32 2,138,919.19 0.17Ftr6.25% 14-15.09.21 500,000 USD 380,546.46 415,220.62 0.03Gala Group 8.875% 11-01.09.18 2,400,000 GBP 2,739,280.64 2,907,748.25 0.23Galapagos H 7% 14-15.06.22 2,550,000 EUR 2,550,000.00 2,346,000.00 0.19Galapagos S 5.375% 14-15.06.21 1,300,000 EUR 1,300,000.00 1,286,610.01 0.10Galaxy Bidco 6.375% 15.11.20 3,200,000 GBP 3,746,633.60 4,017,001.13 0.32Gates Glob 5.75% 14-15.07.22 8,325,000 EUR 8,325,000.00 7,679,812.50 0.61Gaz Cap 5.999%11-23.01.21 5,250,000 USD 3,859,352.85 3,839,241.45 0.30

UBI SICAV

82

High Yield Bond


(expressed in EUR)



Quantity


assets

Gci 5.5% 14-15.09.24 675,000 USD 508,795.57 559,153.45 0.04General Mot 4.875% 14-02.10.23 3,550,000 USD 2,630,798.88 3,138,737.40 0.25Genon En 9.875% 11-15.10.20 3,775,000 USD 2,933,820.57 3,072,529.33 0.24Geo Travel Fin 7.5% 13-01.08.18 1,360,000 EUR 1,380,916.54 1,142,400.00 0.09Gestamp Fdg 5.625% 31.05.20 144a 2,000,000 USD 1,529,636.71 1,669,145.60 0.13Gibson Brands 8.875% 01.08.18 1,575,000 USD 1,178,367.66 1,249,380.27 0.10Glbl Part 6.25% 14-15.07.22 1,400,000 USD 1,026,919.97 1,122,128.57 0.09Glp Cap 4.875% 14-01.11.20 1,925,000 USD 1,416,808.61 1,610,529.25 0.13Gold Nug 8.5% 13-01.12.21 3,100,000 USD 2,309,512.88 2,452,693.77 0.19Graftech In 6.375% 13-15.11.20 375,000 USD 294,614.45 257,188.89 0.02Graphic Pack 4.75% 13-15.04.21 1,200,000 USD 931,387.77 999,008.43 0.08Greif 7.75% 09-01.08.19 2,895,000 USD 2,588,970.42 2,703,148.24 0.21Greif Lux 7.375% 11-15.07.21 990,000 EUR 1,006,191.49 1,168,200.00 0.09Greif Lux 7.375% 11-15.07.21 500,000 EUR 558,750.00 590,000.00 0.05Griffon 5.25% 14-01.03.22 5,675,000 USD 4,175,864.61 4,390,364.20 0.35Grifols Wrd Opr 5.25% 01.04.22 2,200,000 USD 1,601,047.96 1,859,147.19 0.15Grupo Antol 4.75% 14-01.04.21 2,000,000 EUR 2,000,000.00 2,073,500.06 0.16H&E Equip 7% 13-01.09.22 6,025,000 USD 4,953,030.28 5,121,648.28 0.40Halcon 9.75% 13-15.07.20 950,000 USD 770,187.66 588,745.66 0.05Hca 4.75% 12-01.05.23 Sr 1,575,000 USD 1,153,534.10 1,324,212.94 0.10Hca 5% 14-15.03.24 2,850,000 USD 2,068,965.52 2,419,744.67 0.19Hca 8% 11-01.10.18 3,313,000 USD 3,005,220.36 3,134,510.82 0.25Hca Hldgs 6.25% 12-15.02.21 4,995,000 USD 4,088,599.79 4,395,699.06 0.35Hca Hldgs 7.75% 11-15.05.21 1,500,000 USD 1,306,308.60 1,320,029.75 0.10Healthsouth 5.75% 12-01.11.24 475,000 USD 379,564.12 408,196.99 0.03Healthsouth 7.75% 10-15.09.22 1,208,000 USD 1,025,499.56 1,058,073.05 0.08Hearthside 6.5% 14-01.05.22 2,000,000 USD 1,479,807.55 1,611,303.92 0.13Heathrow Fi 5.75% 14-03.03.25 3,100,000 GBP 3,947,034.70 3,991,653.90 0.32Heathrow Fl 5.375% 12-02.09.19 1,800,000 GBP 2,159,756.20 2,409,118.76 0.19Heidlrg 7.5% 10-03.04.20 2,487,000 EUR 3,042,045.50 3,214,696.08 0.25Hercules Offshore 8.75% 15.07.21 1,150,000 USD 884,615.38 437,117.83 0.03Hertz Corp 5.875% 12-15.10.20 2,175,000 USD 1,803,078.76 1,810,702.78 0.14Hexion Fin 6.625% 12-15.04.20 990,000 USD 749,071.39 801,685.67 0.06Hexion Fin 8.875% 10-01.02.18 1,450,000 USD 1,158,320.45 1,066,352.67 0.08Hexion Us Finance 9% 11-15.11.20 3,650,000 USD 2,623,099.38 2,156,461.74 0.17Hilton 5.625% 15.10.21 3,175,000 USD 2,349,937.09 2,741,592.30 0.22Homevi 6.875% 14-15.08.21 4,000,000 EUR 4,000,000.00 4,205,000.00 0.33Hornbeck 5.875% 12-01.04.20 2,340,000 USD 1,839,058.33 1,711,204.76 0.14Hot Topic 9.25% 15.06.21 144a 2,150,000 USD 1,606,764.93 1,900,925.47 0.15Hyva Glob 8.625% 11-24.03.16 3,500,000 USD 2,539,175.86 2,794,620.72 0.22Idh Fin 6% 13-01.12.18 1,250,000 GBP 1,459,940.00 1,609,396.10 0.13Idh Finance 8.5% 01.06.19 Regs 3,000,000 GBP 3,503,856.00 3,898,297.23 0.31Igloo Hldgs 8.25% 15.12.17 Pik 750,000 USD 563,989.78 625,929.60 0.05Ilfc 3.875% 13-15.04.18 700,000 USD 538,357.18 578,416.79 0.05Ilfc 6.25% 11-15.05.19 4,000,000 USD 3,346,808.96 3,610,973.39 0.29Ilfc 7.125% 10-01.09.18 144a 150,000 USD 114,608.60 138,820.03 0.01Ilfc 8.25% 10-15.12.20 725,000 USD 647,651.19 721,884.81 0.06Indonesia 7.75% 08-17.01.38 Regs 600,000 USD 574,943.75 652,602.88 0.05Ingles Mkt 5.75% 13-15.06.23 2,300,000 USD 1,773,459.79 1,908,323.48 0.15Intelsat 5.5% 01.08.23 /Non Restri 5,186,000 USD 4,028,274.04 4,259,102.09 0.34Intelsat 7.25% 11-01.04.19 1,564,000 USD 1,322,185.89 1,348,888.61 0.11Intergen 7% 13-30.06.23 2,650,000 USD 1,968,780.44 2,080,234.67 0.16Interxion Reg-S 6% 13-15.07.20 2,000,000 EUR 2,067,500.00 2,100,000.00 0.17Intl Wire 8.5% 15.10.17 144a 825,000 USD 641,449.29 714,086.51 0.06Iron Mount 6% 13-15.08.23 Sr 3,150,000 USD 2,353,029.06 2,706,990.58 0.21Isle Casinos 7.75% 15.03.19 Wi 2,125,000 USD 1,707,621.44 1,817,364.90 0.14Jag Ld Rov 4.25% 14-15.11.19 2,450,000 USD 1,921,870.10 2,039,642.21 0.16Jag Ld Rov 5% 14-15.02.22 700,000 GBP 849,411.50 952,681.08 0.08Jbs Fin Ii 8.25% 29.01.18 144a 1,750,000 USD 1,408,067.10 1,478,577.92 0.12Jbs Invts 7.75% 13-28.10.20 500,000 USD 396,168.84 427,821.86 0.03Jbs USA 5.875% 14-15.07.24 3,000,000 USD 2,216,639.57 2,435,547.84 0.19Jbs USA 7.25% 13-01.06.21 1,575,000 USD 1,181,754.77 1,340,480.91 0.11Jerrold Fin 9.75% 13-15.09.18 1,850,000 GBP 2,217,246.75 2,615,449.89 0.21Jurassic Hldg 6.875% 15.02.21 4,425,000 USD 3,275,501.92 3,400,471.00 0.27

UBI SICAV

83

High Yield Bond


(expressed in EUR)


Quantity


assets

Kaiser Aluminum 8.25% 12-01.06.20 400,000 USD 314,762.35 358,618.41 0.03Kb Home 7% 13-15.12.21 1,850,000 USD 1,369,863.01 1,607,965.15 0.13Kelda Finance 5.75% 13-17.02.20 325,000 GBP 378,126.78 428,072.00 0.03Kenan Adv Grp 8.375% 15.12.18 2,700,000 USD 2,061,068.70 2,297,967.28 0.18Kerneos T.Gr. 5.75% 01.03.21 3,100,000 EUR 3,133,000.00 3,158,125.00 0.25Kinder Mor 5% 13-15.02.21 1,900,000 USD 1,397,469.84 1,633,337.53 0.13Kinder Mor 5.625% 13-15.11.23 3,950,000 USD 2,905,266.25 3,493,768.80 0.28Kindred 8% 14-15.01.20 2,325,000 USD 1,877,422.48 2,031,637.33 0.16Kindred 8.75% 14-15.01.23 1,125,000 USD 908,430.23 983,050.32 0.08Kion Fin 6.75%13-15.02.20 Regs 3,850,000 EUR 4,173,273.59 4,146,449.88 0.33Klx Inc 5.875% 14-01.12.22 2,975,000 USD 2,396,487.84 2,464,417.04 0.19Labeyrie 5.625% 14-15.03.21 1,600,000 EUR 1,600,000.00 1,616,000.00 0.13Landrys 9.375% 12-01.05.20 144a 4,440,000 USD 3,679,373.10 3,888,943.97 0.31Lear 4.75% 14-15.01.23 3,450,000 USD 2,636,630.75 2,843,641.55 0.22Lear 5.25% 14-15.01.25 5,750,000 USD 4,587,887.98 4,810,671.79 0.38Lear Corp 8.125% 10-15.03.20 2,596,000 USD 2,164,153.43 2,257,717.74 0.18Level 3 Fin 8.125% 12-01.07.19 375,000 USD 260,949.58 329,232.77 0.03Level 3 Fin 8.625% 15.07.20 400,000 USD 314,033.37 356,552.64 0.03Liberty Media 8.25% 00-01.02.30 1,201,000 USD 1,036,703.77 1,071,789.79 0.08Lifepoint 5.5% 14-01.12.21 2,525,000 USD 1,875,507.12 2,133,376.71 0.17Light Tower 8.125% 14-01.08.19 2,605,000 USD 1,935,657.82 1,673,597.34 0.13Limited Brands 5.625% 15.02.22 725,000 USD 605,238.30 644,005.12 0.05Live Nation 5.375% 14-15.06.22 800,000 USD 583,047.88 661,047.76 0.05Lmi Aerosp 7.375% 14-15.07.19 2,575,000 USD 1,914,451.59 2,074,553.79 0.16Lock Lower 9.5% 14-15.08.22 3,525,000 EUR 3,525,000.00 3,604,312.50 0.28Loxam 4.875% 14-23.07.21 2,000,000 EUR 2,000,000.00 1,995,000.00 0.16Loxam 7% 14-23.07.22 2,300,000 EUR 2,300,000.00 2,081,500.00 0.16Ltd Brands 5.625% 13-15.10.23 1,925,000 USD 1,423,395.45 1,717,897.87 0.14Lynx I 6% 13-15.04.21 975,000 GBP 1,143,158.25 1,325,034.61 0.10Lynx I 6% 13-15.10.21 3,000,000 GBP 3,656,072.43 4,067,368.36 0.32Lynx Ii 7% 13-15.04.23 900,000 GBP 1,055,223.00 1,257,889.22 0.10Mallinckrod 3.5% 13-15.04.18 1,075,000 USD 825,559.37 858,303.38 0.07Mallinckrod 4.75% 13-15.04.23 1,325,000 USD 1,014,527.23 1,051,065.94 0.08Manutencoop 8.5% 01.08.20 /Regs 4,600,000 EUR 4,679,510.00 3,841,000.00 0.30Mariposa Borrow 8% 13-15.10.21 3,225,000 USD 2,457,754.00 2,818,077.59 0.22Mbl Chlgr 8.75% 15.03.19 /Pik 1,500,000 EUR 1,492,500.00 1,518,750.00 0.12Mce Finan 5% 13-15.02.21 200,000 USD 145,448.86 155,346.22 0.01Mce Finan 5% 13-15.02.21 144a 5,250,000 USD 3,983,566.96 4,056,147.74 0.32Mcgr Glb 9.75% 14-01.04.21 1,025,000 USD 773,667.93 935,899.03 0.07Medassets Inc 8% 11-15.11.18 1,775,000 USD 1,474,947.50 1,525,367.71 0.12Medi-Part 7% 13-15.05.20 Regs 3,300,000 EUR 3,339,980.77 3,489,750.00 0.28Meg Energy 6.5% 15.03.21 2,725,000 USD 2,127,738.45 2,054,670.71 0.16Meif II En 7.875% 12-01.10.20 375,000 EUR 375,000.00 413,887.51 0.03Memor 5.875% 14-01.07.22 3,050,000 USD 2,236,890.36 2,280,821.35 0.18Meritor 6.25% 14-15.02.24 200,000 USD 152,057.25 167,740.87 0.01Meritor 6.75% 13-15.06.21 2,300,000 USD 1,791,339.34 1,986,035.37 0.16Mexichem 5.875% 14-17.09.44 2,250,000 USD 1,729,161.09 1,756,941.00 0.14Mgm Resorts 6.625% 15.12.21 5,538,000 USD 4,488,769.13 4,804,908.28 0.38Mgm Resorts 8.625% 12-01.02.19 2,700,000 USD 2,297,323.35 2,529,437.28 0.20Mhp 10.25% 10-29.04.15 2,054,000 USD 1,691,261.66 1,597,612.13 0.13Mhp 8.25% 13-02.04.20 144a 1,500,000 USD 1,160,362.03 842,835.89 0.07Minerva Lux 12.25% 12-10.02.22 600,000 USD 480,771.35 570,649.47 0.05Modular Space 10.25% 31.01.19 1,700,000 USD 1,235,914.21 1,215,088.42 0.10Monitchem H 5.25% 14-15.06.21 1,000,000 EUR 1,000,000.00 985,000.00 0.08Monitchem H 6.875% 14-15.06.22 1,200,000 EUR 1,200,000.00 1,071,695.99 0.08Motor 9.125% 12-01.05.19 144a 375,000 USD 290,227.03 325,359.44 0.03Mpt 5.75% 13-01.10.20 3,025,000 EUR 3,082,000.00 3,251,875.00 0.26Mpt Op Ptnr 5.5% 14-01.05.24 1,525,000 USD 1,098,544.88 1,313,677.49 0.10Mtr Gaming 11.5% 12-01.08.19 2,167,293 USD 1,714,748.70 1,938,600.79 0.15Murphy 6% 14-15.08.23 1,375,000 USD 1,029,731.14 1,187,303.75 0.09Navient 5% 14-26.10.20 850,000 USD 676,439.61 689,193.93 0.05Navios 7.375% 13-15.01.22 3,975,000 USD 2,953,194.65 3,005,391.67 0.24Ncr Corp 5.875% 14-15.12.21 675,000 USD 494,215.84 573,097.42 0.05Nes Rentals 7.875% 01.05.18 144a 1,510,000 USD 1,162,158.52 1,260,204.92 0.10

UBI SICAV

84

High Yield Bond


(expressed in EUR)


Quantity


assets

New Gold 6.25%12-15.11.22 144a 3,350,000 USD 2,636,852.00 2,712,774.75 0.21New Gold 7% 12-15.04.20 144a 4,093,000 USD 3,300,554.15 3,387,158.80 0.27Newfield Expl 5.75% 11-30.01.22 1,000,000 USD 850,053.61 818,046.60 0.06Ngl Energy 5.125% 14-15.07.19 3,650,000 USD 2,684,218.27 2,895,389.19 0.23Nh Hoteles 6.875% 13-15.11.19 2,300,000 EUR 2,415,442.31 2,466,174.95 0.19Norcell Swed 10.75% 11-29.09.19 2,975,000 EUR 2,038,435.74 2,146,462.50 0.17Nrg Energy 6.25% 14-01.05.24 9,550,000 USD 6,968,739.32 8,029,354.65 0.63Nrg Energy 6.25% 14-15.07.22 6,384,000 USD 4,722,338.98 5,393,852.26 0.43Nrg Energy 7.625% 11-15.01.18 3,904,000 USD 3,361,662.95 3,540,439.60 0.28Nrg Energy 7.875% 11-15.05.21 5,250,000 USD 4,324,314.21 4,674,330.69 0.37Nuance Com 5.375% 12-15.08.20 3,775,000 USD 3,025,379.34 3,127,117.42 0.25Numericable Gp 5.625% 15.05.24 5,250,000 EUR 5,250,000.00 5,433,750.00 0.43Odebrecht 7.125% 12-26.06.42 500,000 USD 440,423.42 349,983.47 0.03Oi European 4.875% 31.03.21 Regs 600,000 EUR 600,000.00 656,519.99 0.05Oi European 6.75% 10-09.15.20 1,875,000 EUR 2,118,750.00 2,226,562.50 0.18Onemain Fin 6.75% 14-15.12.19 1,575,000 USD 1,281,216.95 1,327,466.53 0.10Onemain Fin 7.25% 14-15.12.21 2,900,000 USD 2,359,066.14 2,444,224.10 0.19Pac Rubial 5.375% 13-26.01.19 1,610,000 USD 1,190,121.62 1,146,103.97 0.09Pacific Rubi 7.25% 11-12.12.21 5,200,000 USD 4,544,023.61 3,738,225.09 0.30Pacific Rubi 7.25% 11-12.12.21 1,000,000 USD 900,527.80 714,757.89 0.06Pakistan 7.125% 06-31.03.16 100,000 USD 74,329.65 83,870.43 0.01Pantry Inc 8.375% 12-01.08.20 4,642,000 USD 3,702,194.48 4,200,123.95 0.33Parker Dril 6.75% 14-15.07.22 1,376,000 USD 1,011,169.90 852,751.61 0.07Peabody Ene 6%12-15.11.18 1,250,000 USD 972,046.10 937,345.07 0.07Peabody Ene 6.25%12-15.11.21 1,000,000 USD 805,854.66 706,494.80 0.06Penn 5.875% 14-01.11.21 4,413,000 USD 3,149,446.52 3,391,249.38 0.27Petrol Venez 5.5% 07-12.04.37 2,045,000 USD 695,061.83 581,292.38 0.05Petroleos 8.5% 10-02.11.17 29,100,000 USD 21,844,696.97 13,686,762.52 1.08Phi Inc 5.25% 14-15.03.19 725,000 USD 523,806.08 509,213.35 0.04Philippines 6.375% 07-15.01.32 100,000 USD 81,958.89 108,246.57 0.01Philippines 9.5% 05-30 Global 200,000 USD 216,876.97 268,137.50 0.02Phillips Vh 4.5%12-15.12.22 1,225,000 USD 937,146.55 999,576.52 0.08Pinnacle Ent 7.75% 12-01.04.22 100,000 USD 82,830.18 85,936.21 0.01Pinnacle Ent 8.75% 10-15.05.20 3,000,000 USD 2,478,087.39 2,609,072.88 0.21Pioneer Dri 6.125% -15.03.22 1,500,000 USD 1,091,385.33 941,993.06 0.07Plastipak 6.5% 13-01.10.21 2,125,000 USD 1,573,025.39 1,747,128.57 0.14Play Fin 2 6.5% 14-01.08.19 1,400,000 EUR 1,396,625.00 1,484,000.00 0.12Portaventur 7.25% 13-01.12.20 2,500,000 EUR 2,500,000.00 2,574,992.55 0.20Post Hld Inc 7.375% 13-15.02.22 1,400,000 USD 1,100,507.50 1,156,833.58 0.09Post Hldg 6.75% 13-01.12.21 2,150,000 USD 1,625,552.19 1,723,268.88 0.14Precisn 6.5% 11-15.12.21 250,000 USD 174,380.08 175,074.37 0.01Prigrp 8.875% 11-15.02.19 2,000,000 GBP 2,453,161.20 2,653,611.66 0.21Qc Media 5.75% 15.01.23 900,000 USD 635,574.76 760,411.50 0.06Qep Res 5.25% 12-01.05.23 4,025,000 USD 3,191,800.02 3,109,713.27 0.25Quick Frn 14-15.04.19 480,000 EUR 480,000.00 429,600.00 0.03R&R Ice Cre 4.75% 14-15.05.20 1,300,000 EUR 1,300,000.00 1,301,625.00 0.10R&R Ice Cre 5.5% 14-15.05.20 1,200,000 GBP 1,467,172.80 1,504,922.48 0.12Range Res 5% 13-15.03.23 350,000 USD 253,080.83 289,208.40 0.02Rayonier 5.5% 14-01.06.24 2,850,000 USD 2,055,683.78 1,934,029.50 0.15Regency Energy 4.5% 13-01.11.23 1,325,000 USD 1,019,466.03 1,004,534.37 0.08Regency Energy 5.5% 12-15.04.23 3,000,000 USD 2,521,344.72 2,392,166.58 0.19Regency Energy 5.75% 13-01.09.20 2,100,000 USD 1,591,029.63 1,739,588.50 0.14Reliant Egy 9.681% 01-02.07.26 2,075,000 USD 1,692,207.95 1,817,468.19 0.14Rentech Nitro 6.5%-15.04.21 144a 3,875,000 USD 3,008,920.86 2,849,735.58 0.23Rexel 6.125% 12-15.12.19 1,750,000 USD 1,431,327.16 1,503,883.66 0.12Rexel Inc 6.125%12-15.12.19 525,000 USD 397,110.55 446,826.97 0.04Reynolds Gp 7.785% 12-15.08.19 5,075,000 USD 4,187,149.32 4,418,923.52 0.35Reynolds Gp 9% 15.04.19 Stepup 850,000 USD 664,013.73 726,945.96 0.06Reynolds Grp 9.875% 12-15.08.19 750,000 USD 540,404.94 656,916.21 0.05Rhino Bondc 7.25% 13-15.11.20 2,400,000 EUR 2,400,000.00 2,456,880.07 0.19Rhp 5% 13-15.04.21 5,225,000 USD 4,024,343.83 4,295,880.85 0.34Rjs Power 5.125% 14-15.07.19 3,500,000 USD 2,562,975.98 2,855,932.90 0.23Rockies Exp 3.9% 10-15.04.15 1,075,000 USD 790,498.73 883,841.51 0.07Rockies Exp 5.625%10-15.04.20 2,225,000 USD 1,563,111.89 1,806,364.65 0.14

UBI SICAV

85

High Yield Bond


(expressed in EUR)


Quantity


assets

Rockies Exp 6%13-15.01.19 144a 3,050,000 USD 2,293,490.94 2,526,545.20 0.20Roundys Sup 10.25% 13-15.12.20 1,375,000 USD 971,261.47 988,472.98 0.08Rpg Byty 6.75% 13-01.05.20 Regs 5,750,000 EUR 5,788,125.00 5,923,649.83 0.47Rsc Equip 8.25% 11-01.02.21 4,475,000 USD 3,844,048.87 4,030,532.15 0.32Sabra Hlth 5.375% 13-01.06.23 3,500,000 USD 2,745,266.14 2,949,925.63 0.23Sabra Hlth 5.5% 14-01.02.21 1,675,000 USD 1,231,436.55 1,439,431.50 0.11Safway Group 7%13-15.05.18 144a 2,875,000 USD 2,203,993.86 2,256,858.37 0.18Samson Inv 10.75% 14-15.02.20Sr 5,325,000 USD 4,300,141.02 1,823,269.09 0.14Sanchez Ene 6.125% 14-15.01.23 710,000 USD 526,653.38 492,811.11 0.04Sanchez Ene 7.75% 14-15.06.21 2,275,000 USD 1,694,069.12 1,748,264.75 0.14Schaeff 5.75% 14-15.11.21 /Pik 3,000,000 EUR 2,957,280.00 3,195,000.00 0.25Schaeff Fin 3.25% 14-15.05.19 1,900,000 EUR 1,889,151.00 1,919,000.00 0.15Schahin II 5.875% 12-25.09.22 1,450,000 USD 917,083.33 866,069.07 0.07Schahin II 5.875% 12-25.09.22 1,600,000 USD 1,040,115.41 963,093.70 0.08Sci Games 10% 01.12.22 144a 5,600,000 USD 4,032,080.76 4,234,010.91 0.33Sci Games 7% 14-01.01.22 3,575,000 USD 2,864,353.82 2,990,982.90 0.24Sealed Air 4.875% 14-01.12.22 1,000,000 USD 805,477.25 820,112.38 0.06Sealed Air 5.25% 01.04.23 144a 225,000 USD 171,965.76 189,638.08 0.02Sealed Air 6.5% 12-01.12.20 400,000 USD 313,865.42 361,923.65 0.03Sealed Air 8.375% 15.09.21 144a 8,925,000 USD 8,076,039.68 8,241,354.73 0.65Select Med 6.375% 13-01.06.21 3,600,000 USD 2,721,053.02 3,019,335.65 0.24Sensata Tec 4.875% 15.10.23 144a 3,550,000 USD 2,713,047.62 2,918,732.44 0.23Sequa Corp 7% 12-15.12.17 144a 6,750,000 USD 5,267,862.53 5,019,831.43 0.40Serv Corp 4.5% 12-15.11.20 2,400,000 USD 1,808,070.88 1,948,438.27 0.15Serv Corp 5.375% 14-15.01.22 2,175,000 USD 1,629,335.53 1,842,154.19 0.15Serv Corp 5.375% 14-15.05.24 5,300,000 USD 3,827,820.31 4,467,030.24 0.35Service Corp 6.75% 04-01.04.16 50,000 USD 40,116.18 43,071.39 -Service Corp Int 7% 05-15.06.17 413,000 USD 359,269.03 366,860.85 0.03Servus Lux 7.75% 13-15.06.18 2,100,000 EUR 1,746,616.36 1,796,788.06 0.14Sesi Llc 6.375% 11-01.05.19 2,000,000 USD 1,591,817.90 1,603,040.82 0.13Signode Ind 6.375% 14-01.05.22 3,725,000 USD 2,734,824.74 3,001,053.54 0.24Sinclair 6.125% 13-01.10.22 525,000 USD 408,878.50 441,404.31 0.03Sinclair Tel 5.375% 13-01.04.21 1,275,000 USD 976,209.25 1,045,643.28 0.08Siwf Mrg Sub 6.25% 01.06.21 875,000 USD 648,112.41 719,405.88 0.06Slm 8% 10-25.03.20 500,000 USD 415,027.98 457,569.00 0.04Smithfld Fds 6.625% 15.08.22 1,177,000 USD 960,500.71 1,016,332.01 0.08Smurfit Kap Acq 4.875% 15.09.18 4,050,000 USD 3,183,837.72 3,463,683.68 0.27Sophia 9.75% 12-15.01.19 1,500,000 USD 1,223,408.78 1,323,128.41 0.10Spectrum Br 6.375% 13-15.11.20 350,000 USD 270,103.41 301,499.75 0.02Springleaf 8.25% 13-01.10.23 775,000 USD 617,065.08 717,236.82 0.06Sprint Cap. 6.9% 99-01.05.19 6,300,000 USD 5,237,583.73 5,309,866.14 0.42Sprint Cap. Corp 6.875% 98-28 14,185,000 USD 10,938,183.79 10,314,658.73 0.81Sprint Corp 7.875% 13-15.09.23 1,625,000 USD 1,231,153.88 1,325,566.04 0.10Sprint Nex 6% 12-15.11.22 375,000 USD 294,638.73 285,076.85 0.02Sprint Nex 7% 12-15.08.20 700,000 USD 566,480.54 578,416.79 0.05Sprint Nex. 8.375% 09-15.08.17 750,000 USD 675,382.21 668,536.19 0.05Sprint orp 7.125% 13-15.06.24 2,250,000 USD 1,639,822.17 1,729,053.05 0.14Spx 6.875% 10-01.09.17 525,000 USD 453,337.77 473,940.26 0.04Standard Pac 8.375% 10-15.05.18 930,000 USD 860,307.84 868,368.86 0.07Starz 5% 12-15.09.19 2,775,000 USD 2,138,052.96 2,310,206.99 0.18Station 7.5% 13-01.03.21 2,975,000 USD 2,372,192.79 2,519,728.14 0.20Std Pac 8.375% 10-15.01.21 5,215,000 USD 4,712,457.77 4,880,174.76 0.39Sthi Hldg 8% 11-15.03.18 144a 375,000 USD 271,758.82 323,810.11 0.03Stretford 6.25% 14-15.07.21 2,990,000 GBP 3,761,004.39 3,023,507.09 0.24Stretford 6.75% 14-15.07.24 730,000 GBP 918,238.53 719,373.51 0.06Suburb Prop 5.5% 14-01.06.24 3,525,000 USD 2,562,331.90 2,810,795.74 0.22Suburb Prop 7.375% 12-01.08.21 1,475,000 USD 1,191,260.81 1,276,700.13 0.10Sugarhouse 6.375% 13-01.06.21 4,100,000 USD 3,216,865.00 3,082,961.49 0.24Sun Merger 5.25%13-01.08.18 144a 925,000 USD 703,903.81 777,712.36 0.06Sun Merger 5.875% 01.08.21 144a 875,000 USD 665,854.96 737,481.41 0.06Sun Products 7.75% 13-15.03.21 750,000 USD 480,875.22 523,673.77 0.04Sungard Dat 6.625% 13-01.11.19 305,000 USD 230,993.94 254,544.70 0.02Sunrise Com 7% 10-31.12.17 2,250,000 EUR 2,365,750.00 2,323,125.00 0.18Sunrise Com 8.5% 10-31.12.18 500,000 EUR 519,375.00 520,000.00 0.04

UBI SICAV

86

High Yield Bond


(expressed in EUR)


Quantity


assets

Syniverse 9.125% 11-15.01.19 820,000 USD 645,731.86 708,064.78 0.06T-Mobile Us 6.633% 13-28.04.21 3,875,000 USD 2,849,683.78 3,286,001.28 0.26Targa Res 4.25% 14-15.11.23 1,575,000 USD 1,202,565.48 1,184,308.38 0.09Targa Res 6.875% 11-01.02.21 3,400,000 USD 2,865,729.01 2,872,665.68 0.23Taymor/Mon 4.75% 15.04.20 144a 519,000 USD 390,901.56 454,586.02 0.04Taymor/Mon 5.25% 13-15.04.21 5,825,000 USD 4,437,081.05 4,741,055.20 0.37Taymor/Mon 7.75% 12-15.04.20 217,000 USD 185,801.24 190,067.76 0.02Tbg Global 4.625% 03.04.18 Regs* 3,000,000 USD 2,328,039.31 2,447,942.49 0.19Techem Gmbh 6.125% 12-01.10.19 1,285,000 EUR 1,335,800.00 1,368,525.00 0.11Teleflex 5.25% 14-15.06.24 1,650,000 USD 1,203,852.33 1,363,411.01 0.11Telenet Fin V 6.25% 12-15.08.22 2,575,000 EUR 2,640,625.00 2,802,346.80 0.22Tenet Hlthc 4.375% 13-01.10.21 5,025,000 USD 3,906,250.00 4,121,064.70 0.33Tenet Hlthc 4.5% 13-01.04.21 375,000 USD 276,684.26 310,640.80 0.02Tenet Hlthc 4.75% 12-01.06.20 2,525,000 USD 1,958,876.67 2,117,728.47 0.17Tenet Hlthc 6% 13-01.10.20 2,275,000 USD 1,715,556.90 2,018,644.29 0.16Terex 6% 12-15.05.21 9,905,000 USD 8,020,505.48 8,348,289.54 0.66Tes Finance 6.75% 14-15.07.20 2,700,000 GBP 3,396,224.70 3,269,352.62 0.26Tesoro 5.875% 13-01.10.20 1,281,000 USD 953,742.58 1,061,148.98 0.08Tesoro 6.125% 13-15.10.21 2,000,000 USD 1,508,864.58 1,648,487.85 0.13Thom Europe 7.375% 14-15.07.19 2,000,000 EUR 1,989,760.00 1,900,000.00 0.15Titan Gbl 4.25% 14-10.07.19 3,300,000 EUR 3,300,000.00 3,135,000.00 0.25Titan Luxco 7.375% 13-15.05.20 3,400,000 EUR 3,400,000.00 3,547,899.93 0.28Tnetbb 6.375% 10-15.11.20 3,800,000 EUR 3,982,500.00 3,992,052.04 0.32Toll 4% 13-31.12.18 600,000 USD 446,439.47 498,264.75 0.04Toma 8.875% 13-15.12.17 2,000,000 USD 1,728,289.58 1,685,671.79 0.13Tpc Group 8.75% 15.12.20 144a 4,910,000 USD 3,897,876.57 3,945,608.17 0.31Transdigm 6% 14-15.07.22 3,775,000 USD 2,756,077.97 3,111,520.82 0.25Transdigm 6.5% 14-15.07.24 3,775,000 USD 2,756,077.97 3,134,915.72 0.25Transunion 9.625% 15.06.18 Pik 675,000 USD 557,860.09 570,475.95 0.05Treehouse 4.875% 14-15.03.22 800,000 USD 582,453.58 669,310.86 0.05Trionista Hd 5% 13-30.04.20 1,000,000 EUR 1,000,000.00 1,035,000.00 0.08Trionista Hd 6.875% 30.04.21 Regs 1,750,000 EUR 1,750,000.00 1,846,250.00 0.15Tronox Fin 6.375% 12-15.08.20 3,200,000 USD 2,394,536.85 2,650,801.52 0.21Tullow Oil 6% 13-01.11.20 5,475,000 USD 4,081,382.36 3,754,957.86 0.30Tvn Fi III 7.375% 15.12.20 144a 1,000,000 EUR 1,000,000.00 1,102,500.00 0.09Tvn Fin III 7.875% 15.11.18 Reg 2,026,000 EUR 2,161,220.65 2,095,390.56 0.17Twinkle Plz 6.625% 14-01.08.21 2,525,000 GBP 3,170,360.36 3,315,414.36 0.26Ukraine 6.25% 11-17.06.16 3,840,000 USD 2,509,214.03 2,057,709.47 0.16Unitym Nrw 4% 14-15.01.25 3,000,000 EUR 3,000,000.00 3,055,500.00 0.24Unitym Nrw 5.125% 13-21.01.23 1,000,000 EUR 999,000.00 1,062,500.00 0.08Unitym Nrw 5.5% 12-15.09.22 2,775,000 EUR 2,775,000.00 2,969,250.00 0.23Unitymed 6.125% 14-15.01.25 2,000,000 USD 1,583,531.27 1,706,329.53 0.13Upc Hold 6.75% 13-15.03.23 4,450,000 EUR 4,480,000.00 4,856,062.50 0.38Us Coating Acq 5.75% 01.02.21 3,550,000 EUR 3,640,535.71 3,727,784.11 0.29Utd Rentals 5.75% 12-15.07.18 750,000 USD 630,396.58 646,070.90 0.05Utd Rentals 5.75% 14-15.11.24 1,100,000 USD 816,665.47 936,208.89 0.07Utd Rentals 6.125% 12-15.06.23 1,825,000 USD 1,425,846.04 1,583,415.97 0.13Utd Rentals 7.375% 12-15.05.20 /Wi 525,000 USD 394,321.77 468,517.60 0.04Utd Rentals 7.625% 12-15.04.22 /Wi 12,695,000 USD 10,793,275.25 11,533,756.51 0.91Utd Rentals 8.375% 10-15.09.20 1,950,000 USD 1,573,965.94 1,728,123.45 0.14Valeant 6.875% 10-01.12.18 2,007,000 USD 1,643,350.40 1,710,643.32 0.14Vander 9.75% 01.02.19 /Pik 1,900,000 USD 1,410,977.21 1,624,938.03 0.13Venezuela 12.75% 10-23.08.22 655,000 USD 392,413.34 276,840.61 0.02Venezuela 6% 05-09.12.20 Regs 685,000 USD 288,499.73 239,710.37 0.02Venezuela 7.65% 05-21.04.25 835,000 USD 397,664.94 292,546.70 0.02Venezuela 7.75% 13.10.19 Regs 2,525,000 USD 1,635,654.09 926,375.85 0.07Venezuela 9.25% 08-07.05.28 Reg 3,195,000 USD 1,489,975.96 1,158,986.17 0.09Viking 8.5% 12-15.10.22 144a 3,600,000 USD 2,915,896.15 3,220,128.90 0.25Vip Fin 9.125% 08-18 Regs 1,850,000 USD 1,515,502.60 1,420,442.90 0.11Vmed 5.5% 14-15.01.25 350,000 GBP 417,860.45 464,382.04 0.04Voyage Care 6.5% 13-01.08.18 1,650,000 GBP 1,962,870.61 2,166,380.93 0.17Vpi Escrow Corp 6.375 15.10.20 875,000 USD 684,907.77 755,556.93 0.06Vpii Escrow 7.5% 13-15.07.21 144a 2,350,000 USD 1,806,997.31 2,097,174.02 0.17

UBI SICAV

87

High Yield Bond


(expressed in EUR)



Quantity


assets

Vtb Cap 6.315% 11-22.02.18 750,000 USD 538,432.40 520,575.11 0.04Vtr Fin 6.875% 14-15.01.24 5,500,000 USD 4,080,736.71 4,635,597.42 0.37Wci Com 6.875% 14-15.08.21 2,400,000 USD 1,807,228.92 1,988,101.14 0.16Western Refv 6.25% 13-01.04.21 2,834,000 USD 2,210,235.51 2,283,217.65 0.18William H 4.25% 13-05.06.20 1,800,000 GBP 2,105,017.20 2,249,129.11 0.18Wind Acq 4% 14-15.07.20 5,900,000 EUR 5,900,000.00 5,787,605.06 0.46Wind Acq 6.5% 13-30.04.20 144a 5,500,000 USD 4,203,928.76 4,646,959.18 0.37Wind Acq 7% 14-23.04.21 1,350,000 EUR 1,350,000.00 1,320,003.00 0.10Wind Acq 7.375% 14-23.04.21 8,875,000 USD 6,433,024.06 6,921,355.75 0.55Wireco World 9.5% 12-15.05.17 1,720,000 USD 1,294,203.47 1,431,912.08 0.11Wokacq/Pfchangs 10.25% 30.06.20 2,245,000 USD 1,784,446.90 1,850,427.62 0.15Wpx Energy 5.25% 14-15.09.24 500,000 USD 380,546.46 384,234.01 0.03Wpx Energy 6% 11-15.01.22 6,375,000 USD 5,344,079.90 5,070,184.68 0.40Wynn Macau 5.25% 13-15.10.21 1,825,000 USD 1,328,581.14 1,417,534.29 0.11Ypfdar 8.75% 14-04.04.24 2,450,000 USD 1,775,877.07 2,057,356.22 0.16Ypfdar 8.75% 14-04.04.24 776,000 USD 594,387.23 652,437.61 0.05Ypfdar 8.875% 13-19.12.18 5,000,000 USD 3,657,170.51 4,272,434.47 0.34Ypfdar 8.875% 13-19.12.18 3,100,000 USD 2,392,487.25 2,609,717.40 0.21

1,185,285,168.67 1,228,157,361.76 97.00


stock exchange 1,185,285,168.67 1,228,157,361.76 97.00


Warrants

Fairpoint Comm 24.01.18 Wrt 1 USD 0.59 - -0.59 - -

Total - Other transferable securities and money market instruments 0.59 - -

TOTAL INVESTMENT PORTFOLIO 1,185,285,169.26 1,228,157,361.76 97.00

UBI SICAV

88

High Yield Bond


(expressed in EUR)

High Yield Bond





Miscellaneous 12.53

Petrol 5.98

Communications 5.38



Other services 4.21


Leisure 3.56








Retail 1.25

Transportation 1.22

Mortgage and funding institutions 1.15


Chemicals 0.98


Insurance 0.81









Consumer goods 0.16

Environmental Services and Recycling 0.15





Textile 0.08




100.00



Luxembourg 8.99

Great Britain 6.02

Netherlands 2.95

France 2.65

Canada 2.48

Argentina 1.88

Germany 1.76

Venezuela 1.35

Ireland 1.01

Bermuda 0.91

Cayman Islands 0.87

Czech Republic 0.72

Sweden 0.72

Singapore 0.71

Mexico 0.61

Italy 0.49

Spain 0.49

Austria 0.46

Brazil 0.38

Peru 0.37

Jersey 0.32

Norway 0.28

Barbados 0.27

Marshall Islands 0.24

Croatia 0.19

Russia 0.17

Ukraine 0.16

Guernsey 0.07

Egypt 0.05

Indonesia 0.05

Philippines 0.03

Colombia 0.01

El Salvador 0.01

Pakistan 0.01


100.00

UBI SICAV

89

Short Term EUR


(expressed in EUR)


Quantity


assets


Bonds

Efsf 0.08% 14-15.07.15 3,500,000 EUR 3,501,925.00 3,501,400.00 6.42Efsf 1.625% 12-04.02.15 1,500,000 EUR 1,537,395.00 1,501,950.00 2.75Efsf 1.625% 12-15.09.17 1,500,000 EUR 1,569,750.00 1,565,187.03 2.87Efsf 2% 12-15.05.17 Emtn 2,000,000 EUR 2,090,900.00 2,093,894.04 3.84Italy 0% 13-30.06.15 Ctz 3,000,000 EUR 2,989,600.00 2,995,290.00 5.49Italy 0% 13-31.12.15 /Ctz 3,000,000 EUR 2,985,410.00 2,987,070.00 5.47Italy 0% 14-29.04.16 /Ctz 4,000,000 EUR 3,968,355.00 3,975,000.00 7.28Italy 0% 14-30.04.15 Bot 2,500,000 EUR 2,495,900.08 2,499,050.00 4.58Italy 0% 14-30.08.16 Ctz 2,000,000 EUR 1,976,160.00 1,982,216.04 3.63Italy 1.15% 14-15.05.17 /Btp 1,500,000 EUR 1,513,200.00 1,518,140.94 2.78Italy 2.25% 13-15.05.16 Btp 2,000,000 EUR 2,049,830.00 2,048,500.00 3.75Italy 2.25% 13-22.04.17 Btp /Infl 1,000,000 EUR 1,041,621.77 1,028,661.29 1.88Italy 2.55% 12-22.10.16 Infl 3,500,000 EUR 3,610,020.45 3,603,108.32 6.60Italy 2.75% 12-01.12.15 Btp 4,000,000 EUR 4,098,020.04 4,083,956.00 7.48Italy 2.75% 13-15.11.16 2,000,000 EUR 2,077,580.00 2,082,500.00 3.82Italy 4.5% 07-01.02.18 Btp 2,500,000 EUR 2,801,966.67 2,788,750.00 5.11Netherlands 0.5% 14-15.04.17 1,000,000 EUR 996,590.00 1,012,080.00 1.85Spain 0.5% 14-31.10.17 3,000,000 EUR 2,993,330.00 2,993,130.12 5.48Spain 3.15% 05-31.01.16 4,000,000 EUR 4,127,200.00 4,120,076.00 7.55Spain 3.25% 10-30.04.16 3,000,000 EUR 3,114,420.00 3,110,039.97 5.70Spain 4% 11-30.07.15 2,000,000 EUR 2,047,880.00 2,041,000.06 3.74

53,587,054.01 53,530,999.81 98.07


stock exchange 53,587,054.01 53,530,999.81 98.07


BondsLandesbki Is.Frn06-09 T2/Deflt 300,000 USD 6,256.73 24,169.56 0.05

6,256.73 24,169.56 0.05



UBI SICAV

90

Short Term EUR





Supranational 15.88



100.00


Italy 57.87

Spain 22.47

Luxembourg 15.88

Netherlands 1.85

Iceland 0.05


100.00

UBI SICAV

91

Euro Liquidity (1)


(expressed in EUR)


Quantity


assets


Bonds

Germany 0% 13-11.12.15 500,000 EUR 500,535.00 500,371.02 0.59Germany 3.75% 04-04.01.15 500,000 EUR 517,012.50 500,000.00 0.59Italy 0% 13-30.06.15 Ctz 9,100,000 EUR 9,076,923.00 9,085,713.00 10.74Italy 0% 13-31.12.15 /Ctz 5,500,000 EUR 5,473,340.00 5,476,295.00 6.48Italy 0% 14-13.11.15 Bot 1,000,000 EUR 997,199.86 996,720.00 1.18Italy 0% 14-14.09.15 Bot 1,000,000 EUR 997,722.03 997,640.00 1.18Italy 2.5% 12-01.03.15 6,000,000 EUR 6,041,460.00 6,018,420.00 7.12Italy 2.55% 12-22.10.16 Infl 1,500,000 EUR 1,544,687.27 1,544,189.28 1.83Italy 3% 10-01.11.15 Btp 2,000,000 EUR 2,049,900.00 2,042,000.00 2.42Italy 3% 10-15.04.15 Btp 4,000,000 EUR 4,046,400.00 4,027,880.00 4.76Italy 3% 10-15.06.15 Btp 8,500,000 EUR 8,686,080.00 8,600,300.00 10.17Italy 3.75% 05-01.08.15 Btp 7,000,000 EUR 7,170,104.00 7,133,910.00 8.44Italy 4.5% 12-15.07.15 Btp 7,000,000 EUR 7,197,910.00 7,148,680.00 8.45Italy Frn 08-01.09.15 Cct 2,000,000 EUR 2,002,840.00 2,000,000.00 2.37Italy Frn 10-15.12.15 6,000,000 EUR 6,022,780.00 6,023,400.00 7.12Spain 3% 10-30.04.15 7,500,000 EUR 7,597,619.98 7,562,250.15 8.94Spain 3.75% 12-31.10.15 4,500,000 EUR 4,642,190.00 4,623,750.00 5.47Spain 4% 11-30.07.15 8,000,000 EUR 8,210,860.00 8,164,000.24 9.65

82,775,563.64 82,445,518.69 97.50


stock exchange 82,775,563.64 82,445,518.69 97.50


UBI SICAV

92


Euro Liquidity (1)






100.00


Italy 72.26

Spain 24.06

Germany 1.18


100.00


UBI SICAV

93

Active Beta


(expressed in EUR)


Quantity


assets


Bonds

France 0.25% 13-25.11.15 1,700,000 EUR 1,696,410.00 1,703,093.98 5.62France 1.75% 12-25.02.17 Btan 1,600,000 EUR 1,669,158.00 1,661,280.03 5.48France 2% 09-12.07.15 Btan 1,000,000 EUR 1,040,260.00 1,010,408.02 3.34France 2.5% 10-27.05.16 1,800,000 EUR 1,918,034.00 1,870,559.96 6.17France 3% 05-25.10.15 Oat 1,100,000 EUR 1,190,332.00 1,126,730.00 3.72France 3.5% 04-25.04.15 Oat 1,200,000 EUR 1,295,496.00 1,212,796.79 4.00Germany 0.25% 13-13.04.18 1,000,000 EUR 1,002,840.00 1,010,059.97 3.33Germany 09-10-27.02.15* 1,100,000 EUR 1,169,084.00 1,104,289.99 3.65Germany 1.25% 11-14.10.16* 800,000 EUR 820,912.00 818,208.01 2.70Germany 1.75% 10-09.10.15* 1,900,000 EUR 1,983,556.00 1,926,847.04 6.36Germany 3.75% 04-04.01.15* 1,800,000 EUR 1,969,041.00 1,800,000.00 5.94Italy 0% 14-29.04.16 /Ctz 1,000,000 EUR 994,020.00 993,750.00 3.28Italy 2.5% 12-01.03.15 1,500,000 EUR 1,508,235.00 1,504,605.00 4.97Italy 3% 10-15.04.15 Btp 1,500,000 EUR 1,518,975.00 1,510,455.00 4.99Italy 4.5% 07-01.02.18 Btp 1,600,000 EUR 1,774,328.00 1,784,800.00 5.89Italy 4.75% 11-15.09.16 Btp 1,700,000 EUR 1,848,750.00 1,821,992.00 6.01Italy 4.75% 12-01.05.17 Btp 3,500,000 EUR 3,856,640.00 3,835,055.00 12.66Italy 5.25% 02-01.08.17 Btp 2,000,000 EUR 2,256,760.00 2,236,340.00 7.38

29,512,831.00 28,931,270.79 95.49


stock exchange 29,512,831.00 28,931,270.79 95.49


UBI SICAV

94


Active Beta






100.00


Italy 45.18

France 28.33

Germany 21.98


100.00

UBI SICAV

95



(expressed in EUR)


Quantity


assets


Bonds

Accor 2.875% 12-19.06.17 100,000 EUR 99,505.00 105,386.70 0.82Adt Corp 2.25% 13-15.07.17 115,000 USD 87,123.14 91,937.28 0.72Aeroporti R 3.25% 13-20.02.21 100,000 EUR 99,824.00 112,130.80 0.88Aetna Inc 4.125% 12-15.11.42 35,000 USD 27,248.14 29,058.79 0.23Aig 4.875% 12-01.06.22 25,000 USD 19,469.62 23,205.67 0.18Allied Wld Ass 7.5% 06-01.08.16 100,000 USD 96,041.10 90,204.10 0.70Altria Grp 10.2% 09-06.02.39 10,000 USD 14,360.98 14,387.21 0.11Altria Grp 9.95% 08-10.11.38 10,000 USD 11,653.13 14,135.27 0.11Amer Movil 4.75% 10-30.03.15 100,000 USD 85,009.60 83,099.49 0.65Amer.Intl Grp 4.375% 06-26.04.16 100,000 EUR 92,000.00 105,142.00 0.82Amgen 3.45% 10-01.10.20 85,000 USD 65,888.18 72,974.84 0.57Anadko Pet 7.95% 09-15.06.39 50,000 USD 53,822.59 56,250.21 0.44Areva 4.625% 11-05.10.17 100,000 EUR 99,137.00 107,540.00 0.84Arrfp 1.125% 14-15.01.21 100,000 EUR 99,611.00 100,494.80 0.78Arrow Electr 3% 13-01.03.18 25,000 USD 18,468.92 21,183.07 0.17Arrow Electr 3.375% 10-01.11.15 50,000 USD 39,332.04 42,059.99 0.33Asciano Fin 5% 13-19.09.23 100,000 GBP 118,446.27 143,772.94 1.12Ashland 3% 13-15.03.16 100,000 USD 75,620.08 83,044.12 0.65Att 4.35% 13-15.06.45 52,000 USD 49,925.54 40,508.18 0.32Att 5.35% 11-01.09.40 100,000 USD 80,024.01 89,474.47 0.70Bae Syst 6.375% 01.06.19 144a 100,000 USD 80,119.38 95,399.11 0.75Bank of America 4.875% 14-01.04.44 100,000 USD 72,706.50 91,289.04 0.71Bank of America 5% 14-21.01.44 30,000 USD 22,017.65 27,759.54 0.22Barclays 3.75% 14-15.05.24 200,000 USD 147,479.22 170,343.74 1.33Barclays 6.625% 11-30.03.22 50,000 EUR 53,746.50 64,505.50 0.50Bay Area Toll 6.263% 09-01.04.49 100,000 USD 112,071.21 116,442.75 0.91Belfius Bk 1.125% 14-22.05.17 100,000 EUR 99,968.00 101,195.60 0.79Bk Amer Fdg 5.65% 08-01.05.18 150,000 USD 123,072.72 137,700.79 1.08Bnpp Paribas 4.032% 14-Perp 100,000 EUR 100,000.00 100,500.00 0.78Boa 5% 11-13.05.21 100,000 USD 83,375.05 92,203.77 0.72Boa 5.625% 10-01.07.20 150,000 USD 127,594.40 141,124.19 1.10Bpce 2.75% 14-08.07.26 100,000 EUR 99,605.00 101,301.60 0.79Britel 9.875% 00-15.12.30 30,000 USD 34,019.55 38,920.43 0.30Cal 5.983% 07-19.04.22 100,000 USD 74,028.65 74,871.34 0.58Calif Inst 4.7% 11-01.11.2111 10,000 USD 7,421.26 8,885.97 0.07California 7.5% 09-01.04.34 15,000 USD 14,437.03 18,425.63 0.14Cameron Int 4.5% 11-01.06.21 40,000 USD 33,133.48 34,980.00 0.27Cameron Int 6.375% 08-15.07.18 100,000 USD 88,824.65 92,705.34 0.72Canadian Pac. 5.75% 03-15.03.33 50,000 USD 38,077.79 50,259.05 0.39Casino Gp 3.311% 13-25.01.23 100,000 EUR 100,000.00 112,110.40 0.88Cchldgsgsv 2.381% 13-15.12.17 20,000 USD 15,472.69 16,672.62 0.13Cemex 4.75% 14-11.01.22 100,000 EUR 100,000.00 98,000.00 0.77Centurylink 7.6% 09-15.09.39 35,000 USD 28,358.65 28,631.63 0.22Cf Ind 5.15% 14-15.03.34 20,000 USD 14,374.68 17,286.23 0.14Cigna 4% 11-15.02.22 50,000 USD 35,882.18 43,534.54 0.34Citigp 4.95% 13-07.11.43 105,000 USD 75,983.10 96,711.58 0.76Citigp 5.5% 07-15.02.17 150,000 USD 127,740.71 133,239.96 1.04Citigroup I 2.375% 14-22.05.24 100,000 EUR 98,949.00 108,092.60 0.84Cn Ntl Rlwy 6.375% 07-15.11.37 50,000 USD 46,500.07 56,337.80 0.44Cnooc Fin 2 1.625% 14-30.04.17 200,000 USD 144,047.43 164,453.81 1.28Cof 6.15% 06-01.09.16 60,000 USD 49,783.47 53,278.63 0.42Comcast Corp 6.45% 06-15.03.37 85,000 USD 81,835.13 93,443.82 0.73Compass Gr 1.875% 14-27.01.23 100,000 EUR 99,004.00 106,057.20 0.83Covtry Hlth 5.45% 11-15.06.21 10,000 USD 8,712.10 9,493.47 0.07Cs Ag Ldn 0.625% 14-20.11.18 100,000 EUR 99,847.00 100,090.50 0.78Cs Ag Ldn 1.375% 14-29.11.19 100,000 EUR 99,855.00 103,339.00 0.81Csx 6.22% 10-30.04.40 50,000 USD 43,567.66 53,816.72 0.42Dal 4.95% 10-23.05.19 /Pool 50,000 USD 27,757.59 29,984.70 0.23Danfoss A/S 1.375% 14-23.02.22 100,000 EUR 99,533.00 100,990.00 0.79Deere & Co 7.125% 01-03.03.31 11,000 USD 10,371.15 13,025.39 0.10Delta Lloyd 4.25% 10-17.11.17 52,000 EUR 56,374.76 56,991.90 0.45

UBI SICAV

96


Quantity


assets

Dfs 7% 10-15.04.20 30,000 USD 25,221.72 29,215.17 0.23Directv 5.15% 12-15.03.42 25,000 USD 18,894.55 21,346.88 0.17Disca 5.625% 09-15.08.19 50,000 USD 44,415.69 46,382.00 0.36Dow 4.25% 10-15.11.20 60,000 USD 51,268.41 53,005.95 0.41Dow 5.25% 11-15.11.41 Sr 25,000 USD 18,166.52 22,279.58 0.17Dow 9.4% 09-15.05.39 40,000 USD 49,514.02 53,628.49 0.42Dt An Fin 2.125% 14-09.07.22 30,000 EUR 29,823.60 31,714.80 0.25Dt An Fin 4.625% 14-08.04.74 100,000 EUR 105,250.00 104,761.90 0.82Eastman Che 2.4% 12-01.06.17 35,000 USD 27,821.34 29,372.29 0.23Edf Frn 13-Pert/Ftf Emtn 100,000 EUR 102,450.00 107,605.00 0.84Edison 3.875% 10-10.11.17 50,000 EUR 53,550.00 54,659.40 0.43Eeac USA Fin 7% 07-15.10.37 50,000 USD 41,870.91 55,677.16 0.43Elenia Fina 2.875% 13-17.12.20 100,000 EUR 99,837.00 108,381.00 0.85Ent Pr 4.85% 12-15.08.42 45,000 USD 33,827.14 38,640.06 0.30Ent Pr 5.95% 11-01.02.41 10,000 USD 8,504.99 9,714.84 0.08Entergy Corp 4.7% 12-15.01.17 20,000 USD 15,683.61 17,403.57 0.14Enterp Prod 3.75% 14-15.02.25 30,000 USD 23,630.42 24,883.49 0.19Enterprise Prod4.85%13-15.03.44 25,000 USD 19,133.95 21,540.03 0.17Eutelsat 2.625% 13-13.01.20 100,000 EUR 99,289.00 108,022.20 0.84Eutelsat 4.125% 10-27.03.17 50,000 EUR 50,598.50 53,949.55 0.42Experian Fi 3.5% 14-15.10.21 100,000 GBP 119,943.25 136,487.74 1.07Fce Bk 2.875% 12-03.10.17 100,000 EUR 104,291.00 106,132.90 0.83Fedex Corp 8% 09-15.01.19 50,000 USD 46,755.48 50,295.82 0.39Fidelity Nat 1.45% 14-05.06.17 5,000 USD 3,668.81 4,108.37 0.03Fidelity Nat 2%13-15.04.18 75,000 USD 57,089.29 61,637.95 0.48Fiserv 3.5% 12-01.10.22 60,000 USD 45,461.98 50,070.40 0.39Fiserv Inc 3.125% 11-15.06.16 40,000 USD 31,156.28 33,934.56 0.27Fonciere Reg 3.875% 12-16.01.18 100,000 EUR 109,520.00 108,697.90 0.85Freeport Mc 2.375% 13-15.03.18 45,000 USD 34,413.38 36,774.91 0.29Freeport McMoran 3.55% 01.09.12 40,000 USD 30,130.50 31,238.14 0.24Ge Cap Uk 4.125%13-13.09.23 Emtn 100,000 GBP 118,530.57 142,772.04 1.11Gecc 5.875% 08-14.01.38 50,000 USD 46,440.25 52,278.96 0.41Gecc 6.875% 09-10.01.39 45,000 USD 50,851.03 52,596.68 0.41Gen Motors 1.875% 14-15.10.19 100,000 EUR 99,882.00 101,613.70 0.79Germany 0.25% 14-11.10.19 40,000 EUR 40,248.40 40,448.00 0.32Gilead Sc 4.4% 11-01.12.21 35,000 USD 25,927.75 31,889.56 0.25Glencore Fdg 1.7% 13-27.05.16 225,000 USD 174,644.94 186,215.29 1.45Gp 5.4% 10-01.11.20 15,000 USD 12,926.62 13,946.83 0.11Group 4 Secu 7.75% 09-13.05.19 100,000 GBP 152,575.15 155,590.40 1.22Gs 5.75% 12-24.01.22 300,000 USD 266,082.47 286,757.56 2.24Gs 7.5% 09-15.02.19 55,000 USD 47,831.81 54,057.43 0.42Harley Dav 2.4% 14-15.09.19 75,000 USD 57,728.91 61,968.89 0.48Harley Dav 2.7% 12-15.03.17 144a 10,000 USD 7,706.32 8,466.78 0.07Harley Dav 6.8% 08-15.06.18 144a 50,000 USD 48,787.65 47,904.48 0.37Hartf Fin 4% 10-30.03.15 70,000 USD 55,991.53 58,298.63 0.46Heidlrg 8% 09-31.01.17 15,000 EUR 17,175.00 17,134.80 0.13Humana 2.625% 14-01.10.19 30,000 USD 23,175.60 24,787.31 0.19Il St Toll 5.851% 09-01.12.34 50,000 USD 38,968.24 52,559.08 0.41Ilfc 5.875% 15.08.22 50,000 USD 40,709.98 44,827.30 0.35Ip Co 6% 11-15.11.41 10,000 USD 7,271.18 9,673.86 0.08Ip Co 7.3% 09-15.11.39 28,000 USD 27,719.45 30,272.02 0.24Ip Co 7.95% 08-15.06.18 30,000 USD 28,738.34 29,224.34 0.23Is Vita 5.35% 13-18.09.18/Sub 100,000 EUR 111,000.00 111,835.20 0.87Jef 2.375% 14-20.05.20 100,000 EUR 99,746.00 101,738.80 0.79Jpm 3.2% 13-25.01.23 Sr 100,000 USD 74,844.31 82,723.52 0.65Jpm 3.25% 12-23.09.22 Sr 75,000 USD 57,097.77 62,333.91 0.49Jpm 3.875% 14-10.09.24 100,000 USD 75,709.72 82,701.21 0.65Kerr-McGee 6.95% 04-01.07.24 45,000 USD 42,958.66 45,446.58 0.35Kinder Morg 5.3% 10-15.09.20 30,000 USD 26,641.81 26,693.85 0.21Kla-Tencor 2.375% 14-01.11.17 25,000 USD 19,793.23 20,766.40 0.16Kraft 6.5% 10-09.02.40 35,000 USD 36,885.40 38,543.67 0.30La Ca Wtr 6.574% 11-01.07.45 40,000 USD 46,855.06 48,023.47 0.38Lab Corp 2.2% 12-23.08.17 25,000 USD 20,288.08 20,837.88 0.16Lafarge 5% 10-13.04.18 50,000 EUR 57,150.00 56,809.75 0.44

UBI SICAV

97



(expressed in EUR)


Quantity


assets

Liberty Mut 6.5% 12-01.05.42 144a 20,000 USD 15,075.37 20,208.73 0.16Lincoln Nc 6.15% 06-07.04.36 120,000 USD 106,264.38 123,333.66 0.96Lincoln Nc 6.25% 09-15.02.20 15,000 USD 13,151.76 14,381.38 0.11Lorillard 3.5% 11-04.08.16 130,000 USD 103,762.87 110,584.86 0.86Lorillard T 7% 11-04.08.41 25,000 USD 22,599.22 26,083.50 0.20Macys Ret 3.875% 12-15.01.22 15,000 USD 11,680.75 12,882.62 0.10Markel 4.90% 12-01.07.22 75,000 USD 62,723.26 68,054.66 0.53Martin Mari 4.25% 14-02.07.24 40,000 USD 29,256.44 33,882.14 0.26Martin Mariet Frn 14-30.06.17 25,000 USD 18,390.47 20,884.23 0.16Mass Mut 5.375% 12-01.12.41 144a 15,000 USD 11,699.84 14,738.23 0.12Mediobanca 0.875% 14-14.11.17 100,000 EUR 99,973.00 99,679.80 0.78Metlife 7.717% 09-15.02.19 100,000 USD 96,600.79 100,129.73 0.78Mondelez 1.125% 13-26.01.17 100,000 EUR 99,655.00 101,330.80 0.79Monsanto 4.4% 14-15.07.44 40,000 USD 29,197.85 34,293.17 0.27Mor St 1.875% 14-30.03.23 100,000 EUR 99,647.00 103,512.60 0.81Mor St 2.375% 14-31.03.21v Gmtn 50,000 EUR 49,809.00 53,706.00 0.42Mor St 3.7% 14-23.10.24 35,000 USD 27,334.61 29,314.74 0.23Mor St 6.375% 12-24.07.42 60,000 USD 49,166.00 65,841.84 0.51Nabors Ind 4.625% 11-15.09.21 100,000 USD 72,335.13 77,635.10 0.61News Amer Hld 8.25% 93-10.08.18 95,000 USD 94,712.44 95,014.13 0.74News America 6.15% 11-15.02.41 25,000 USD 20,635.41 26,290.08 0.21News America 6.9% 10-15.08.39 30,000 USD 26,938.23 33,606.35 0.26Nisource 6.4% 07-15.03.18 50,000 USD 44,773.58 47,055.03 0.37Nobel Energy 4.15% 11-15.12.21 10,000 USD 7,440.83 8,425.88 0.07Nomura Euro 1.5% 14-12.05.21 100,000 EUR 99,500.00 100,901.50 0.79Norfolk Sth 5.59% 05-17.05.25 8,000 USD 6,546.63 7,857.87 0.06Oracle Corp 4.3% 14-08.07.34 65,000 USD 47,450.52 57,505.83 0.45Owens Corn 4.2% 12-15.12.22 40,000 USD 30,687.25 33,543.88 0.26Pa St 5.511% 10-01.12.45 75,000 USD 72,091.53 76,399.98 0.60Pentair Fin 2.65% 13-01.12.19 50,000 USD 39,260.56 40,889.94 0.32Petro Gbl Fin 2% 20.05.16 50,000 USD 38,348.74 39,462.49 0.31Progress En 4.4% 11-15.01.21 25,000 USD 20,993.80 22,515.49 0.18Prologis 3% 14-02.06.26 100,000 EUR 99,138.00 108,730.90 0.85Psa Fin 3.875% 11-14.01.15 100,000 EUR 102,107.00 100,062.00 0.78Ptl Co/Fin 2.5% 12-15.03.16 100,000 USD 76,874.28 83,767.97 0.65Ptl Co/Ptl Fin 3.125% 12-11.05.15 45,000 USD 34,451.95 37,484.75 0.29Qwest Corp 6.5% 07-01.06.17 40,000 USD 34,473.80 36,135.51 0.28Rbs Grp 1.5% 13-28.11.16 100,000 EUR 99,983.00 101,668.10 0.79Rci Banque 4% 10-25.01.16 50,000 EUR 52,743.50 51,840.60 0.40Realty Inc 4.125% 14-15.10.26 75,000 USD 57,651.61 63,174.89 0.49Rio Tinto F 9% 09-01.05.19 35,000 USD 37,718.01 36,589.49 0.29Scott Widow Plc 5.5% 16.06.23 100,000 GBP 116,606.13 138,529.99 1.08Seagate Hdd 3.75% 13-15.11.18 30,000 USD 22,065.31 25,440.01 0.20Seb 4% 12-12.09.22 100,000 EUR 107,398.00 107,085.30 0.84Sgsp 2% 14-30.06.22 100,000 EUR 99,438.00 104,425.80 0.82Simon Prop 6.125% 08-30.05.18 5,000 USD 4,467.88 4,702.07 0.04Slm 6.25% 11-25.01.16 100,000 USD 81,293.48 85,936.21 0.67Slm 8.45% 08-15.06.18 35,000 USD 29,059.04 32,246.74 0.25Smithkline 0.625% 14-02.12.19 100,000 EUR 99,501.00 100,670.00 0.79Sse Frn 2012 Hybrid Perp 100,000 EUR 108,250.00 108,378.00 0.85Statoil 4.25% 11-23.11.41 10,000 USD 7,394.81 8,469.59 0.07Swiss Re Tr 4.25% 12-06.12.42 40,000 USD 30,504.36 34,248.55 0.27Teck Res 2.5% 12-01.02.18 15,000 USD 12,088.52 12,023.92 0.09Teck Res 6.25% 11-15.07.41 15,000 USD 12,161.32 11,426.00 0.09Tesco 6% 99-14.12.29 Emtn 30,000 GBP 42,554.61 41,854.28 0.33Tesco Corp 1.375% 14-01.07.19 100,000 EUR 99,684.00 95,263.60 0.74Textron Inc 6.2% 09-15.03.15 30,000 USD 25,251.71 25,158.16 0.20Tiaa 4.9% 14-15.09.44 55,000 USD 42,464.34 50,643.45 0.40Time Warner 7.625% 01-15.04.31 35,000 USD 37,843.66 40,319.41 0.31Time Warner 7.7% 02-01.05.32 50,000 USD 51,460.21 58,371.76 0.46Time Warner Cable 6.75% 08-18 40,000 USD 36,930.39 37,906.79 0.30Transc Gas 5.4% 12-15.08.41 10,000 USD 8,255.85 8,943.65 0.07Twc 6.55% 07-01.05.37 5,000 USD 4,428.22 5,319.29 0.04Twc 8.75% 08-14.02.19 100,000 USD 112,598.00 102,284.75 0.80

UBI SICAV

98



(expressed in EUR)


Quantity


assets

Unrenco Fin 4% 10-05.05.17 50,000 EUR 54,400.00 53,798.15 0.42USA 3.125% 14-15.08.44 /Tbo 50,000 USD 42,354.12 44,488.38 0.35Verizon Com 4.862% 14-21.08.46 110,000 USD 82,468.80 93,368.21 0.73Verizon Com 5.012% 14-21.08.54 74,000 USD 47,981.66 63,258.93 0.49Verizon Com 6.55% 13-15.09.43 76,000 USD 61,490.97 80,455.00 0.63Viacom 4.5% 12-27.02.42 42,000 USD 31,896.49 33,834.26 0.26Walgrn Bts 2.7% 14-18.11.19 45,000 USD 36,135.67 37,372.83 0.29Walgrn Bts 2.875% 14-20.11.20 100,000 GBP 127,191.09 131,246.60 1.02Wellpoint 3.125% 12-15.05.22 60,000 USD 45,136.33 49,548.34 0.39Wellpoint 3.3% 12-15.01.23 Sr 40,000 USD 31,734.76 33,020.00 0.26Western Gas 4% 12-01.07.22 15,000 USD 12,164.93 12,563.21 0.10Williams P 3.9% 14-15.01.25 55,000 USD 40,321.74 43,677.78 0.34Wm Wrigley 3.375% 13-21.10.20 80,000 USD 59,231.31 67,567.01 0.53Wr Berkley 4.625% 12-15.03.22 55,000 USD 41,697.87 48,733.76 0.38York Build 2.125% 14-18.03.19 100,000 EUR 99,991.00 104,783.30 0.82Yorkshire W 6% 10-24.04.25 50,000 GBP 66,874.47 69,811.24 0.55

12,003,835.78 12,920,260.82 100.91

Total - Transferable securities and money market instruments listed on an official stock

exchange 12,003,835.78 12,920,260.82 100.91


UBI SICAV

99



(expressed in EUR)







Insurance 7.60

Communications 7.45


Transportation 3.59



Petrol 2.98


Retail 2.38

Miscellaneous 2.35

Leisure 1.65




Chemicals 1.50




Other services 1.29


Biotechnology 0.82









Cash and Other Assets / (Liabilities) -0.91

100.00



Great Britain 13.07

France 9.46

Netherlands 3.96

Italy 2.96

Canada 2.29

Australia 2.23

Mexico 1.42

Ireland 1.11

Finland 0.85

Sweden 0.84

Belgium 0.79

Denmark 0.79

Cayman Islands 0.75

Switzerland 0.70

Germany 0.32

Luxembourg 0.32

Norway 0.07

Cash and Other Assets / (Liabilities) -0.91

100.00

UBI SICAV

100



(expressed in EUR)


Quantity


assets


Bonds

A2a 4.5% 09-02.11.16 2,550,000 EUR 2,744,944.05 2,729,700.95 0.47Ab Inbev 1.25% 12-24.03.17 2,200,000 EUR 2,240,040.00 2,246,147.27 0.39Abbey Natl Frn 14-22.05.19 2,200,000 EUR 2,195,116.00 2,207,480.00 0.38Abertis 4.625% 09-14.10.16 2,200,000 EUR 2,388,540.00 2,362,683.38 0.41Abn Amro 3.625% 10-06.10.17 4,000,000 EUR 4,371,600.00 4,353,580.00 0.75Aegon 3% 12-18.07.17 Emtn 2,600,000 EUR 2,754,700.00 2,769,114.45 0.48Agf 4.625% (Tv) 05-Perp. 2,900,000 EUR 2,954,375.00 2,935,960.00 0.51Air Prods&Chems.4.625% 07-17 3,650,000 EUR 3,994,560.00 3,982,598.84 0.69Alstom 4.125% 10-01.02.17 4,000,000 EUR 4,312,110.00 4,302,727.96 0.74Amer Movil 3.75% 10-28.06.17 1,100,000 EUR 1,196,360.00 1,187,505.02 0.20Amer.Intl Grp 4.375% 06-26.04.16 1,100,000 EUR 1,169,850.00 1,156,561.98 0.20Anglo Amer 1.75% 13-20.11.17 3,700,000 EUR 3,690,195.00 3,795,948.44 0.65Areva 3.875% 09-23.09.16 3,300,000 EUR 3,519,700.00 3,436,125.00 0.59Arrfp 5% 11-12.01.17 4,800,000 EUR 5,319,300.00 5,228,640.00 0.90Atlantia 5.625% 09-06.05.16 2,200,000 EUR 2,442,566.50 2,352,455.64 0.41Att Frn 14-04.06.19 3,300,000 EUR 3,300,000.00 3,303,630.00 0.57Auchan 3% 11-02.12.16 2,900,000 EUR 3,098,926.20 3,052,508.22 0.53Aviva Frn 03- 1,800,000 EUR 1,865,605.00 1,845,180.00 0.32Axa 5.777% 06-Perp 2,200,000 EUR 2,310,110.00 2,306,933.26 0.40B.F.C.M. 4.625 07-27.04.17 Sen 4,400,000 EUR 4,878,171.00 4,837,245.64 0.83Baa Fdg 4.375% 12-25.01.17 2,600,000 EUR 2,835,300.00 2,807,079.60 0.48Barclays 4.125% 11-15.03.16 4,400,000 EUR 4,801,766.00 4,602,936.71 0.79Bat Intl Frn 14-06.03.18 2,200,000 EUR 2,195,622.00 2,213,420.00 0.38Bayer Ag 5% (Tv) 05-29.07.2105 2,600,000 EUR 2,687,100.00 2,646,280.00 0.46Bbvasm 3.25% 13-21.03.16 2,900,000 EUR 3,009,400.00 2,996,813.66 0.52Bco Esp San 4% 14-21.01.19 1,800,000 EUR 1,668,545.00 1,741,428.04 0.30Bertelsmann 4.75% 06-26.09.16 2,900,000 EUR 3,236,060.00 3,118,967.34 0.54Bk Ireland 2.75% 13-05.06.16 2,900,000 EUR 2,963,373.00 2,967,839.76 0.51Bk of Amer 4%(Tv) 06-28.03.18 2,200,000 EUR 2,153,206.00 2,173,380.00 0.37Bmw Fin 3.875% 10-18.01.17 7,400,000 EUR 8,036,620.00 7,943,315.55 1.37Bnpp 2.625% 10-16.09.16 4,400,000 EUR 4,585,109.00 4,574,987.87 0.79Bnpp 2.875% 12-27.11.17 6,700,000 EUR 7,133,882.00 7,181,448.54 1.24Bnpp 4.73% 06-Perp 2,900,000 EUR 3,012,440.00 2,972,500.00 0.51Boa 4.625% 10-07.08.17 7,300,000 EUR 8,113,354.00 8,072,230.42 1.39Bogaeis 3.625% 12-04.12.17 2,200,000 EUR 2,402,250.00 2,388,533.44 0.41Bp Milan 4% 13-01.22.16 2,900,000 EUR 2,927,369.00 2,958,290.05 0.51Bpce 1.625% 13-08.02.17 4,400,000 EUR 4,460,388.00 4,516,005.87 0.78Bpce 1.75% 12-14.03.16 2,600,000 EUR 2,617,831.09 2,644,998.15 0.46Bpcm 3.83% 10-06.10.17 3,300,000 EUR 3,625,380.00 3,601,256.93 0.62Caixabank 3.25% 13-22.01.16 2,900,000 EUR 2,909,758.00 2,984,778.63 0.51Carrefour 1.875% 12-19.12.17 3,300,000 EUR 3,431,087.00 3,437,992.87 0.59Citigrp 4.375% 07-30.01.17 2,600,000 EUR 2,844,062.00 2,813,870.80 0.49Cofp 4.379% 10-08.02.17 3,700,000 EUR 4,046,345.00 3,994,575.57 0.69Comzbk 3.875% 10-22.03.17 4,400,000 EUR 4,741,290.00 4,730,110.08 0.82Congr 2.5% 13-20.03.17* 3,700,000 EUR 3,685,015.00 3,869,371.16 0.67Cr Agr 1.875% 12-18.10.17 6,900,000 EUR 7,172,092.00 7,186,743.37 1.24Credit Agric.4.13%(Tv) 05-. 2,200,000 EUR 2,220,900.00 2,227,500.00 0.38Cs Ag Ldn 0.625% 14-20.11.18 2,900,000 EUR 2,895,696.00 2,902,624.50 0.50Cs Fin Us 3.625% 05-14.09.20 2,600,000 EUR 2,676,700.00 2,642,640.00 0.46Daimler 4.125% 10-19.01.17 3,300,000 EUR 3,620,760.00 3,557,185.60 0.61Danone 2.5% 11-29.09.16 2,600,000 EUR 2,729,396.80 2,700,334.03 0.47Danske Bk 4.1%(Tv) 05-16.03.18 1,100,000 EUR 1,123,375.00 1,105,500.00 0.19Deut Bk Frn 14-15.04.19 2,200,000 EUR 2,194,544.00 2,202,860.00 0.38Deut Lufth 6.5% 09-07.07.16 1,800,000 EUR 1,969,224.00 1,958,189.40 0.34Deut Tel Int Fin 6% 09-20.01.17 4,000,000 EUR 4,566,829.00 4,459,836.12 0.77Dnb 4.75% 12-08.03.22 /Sub 2,900,000 EUR 3,123,500.00 3,103,875.71 0.54Dong Energy 4% 09-16.12.16 2,200,000 EUR 2,404,203.20 2,353,786.67 0.41Dsk Bk Frn 14-19.11.18 4,600,000 EUR 4,594,434.00 4,592,640.00 0.79Dsm 5.25% 07-17.10.17 1,850,000 EUR 2,101,045.00 2,097,322.74 0.36E On Intl 5.5% 07-02.10.17 3,650,000 EUR 4,186,817.50 4,155,240.34 0.72

UBI SICAV

101



Quantity


assets

Eads Fin 4.625% 09-12.08.16 2,600,000 EUR 2,903,321.38 2,779,360.97 0.48Edison 3.875% 10-10.11.17 2,200,000 EUR 2,410,100.00 2,405,013.64 0.41Edp Fin 4.75% 09-26.09.16 2,900,000 EUR 3,105,220.00 3,073,396.86 0.53Elm Bv 5.252% (Frn) 06-Perp. 2,200,000 EUR 2,293,390.00 2,298,449.96 0.40Enbw Intl 4.25% 06-19.10.16 2,200,000 EUR 2,473,654.33 2,353,900.98 0.41Enel Ente Naz 3.5% 10-26.02.16 5,100,000 EUR 5,318,177.82 5,270,044.10 0.91Enel Ente Naz 4.875% 20.02.18 2,900,000 EUR 3,272,600.00 3,255,789.40 0.56Eni 4.875% 11-11.10.17 2,900,000 EUR 3,257,860.00 3,240,303.28 0.56Esb Fin 6.25% 12-11.09.17 1,100,000 EUR 1,279,630.00 1,265,884.39 0.22Eutelsat 4.125% 10-27.03.17 2,200,000 EUR 2,393,116.00 2,373,780.22 0.41Everything 3.5% 12-06.02.17 1,100,000 EUR 1,168,288.00 1,162,863.87 0.20Fce Bk 1.625% 13-09.09.16 Emtn 4,400,000 EUR 4,416,167.00 4,480,700.36 0.77Fiat 5.25% 11-11.03.15 2,600,000 EUR 2,757,530.53 2,618,070.00 0.45Fortum 4.5% 06-20.06.16 2,200,000 EUR 2,414,903.33 2,331,832.82 0.40France Tel 4.75% 07-21.02.17 2,600,000 EUR 2,880,878.00 2,841,586.83 0.49Gas Ncp 4.375% 09-02.11.16 2,900,000 EUR 3,133,367.62 3,108,747.68 0.54Gaz Cap 3.755% 12-15.03.17 Emtn 1,100,000 EUR 1,094,885.00 1,016,969.77 0.18Ge Cap Eur 3.625% 11-15.06.17 2,200,000 EUR 2,383,260.00 2,368,117.42 0.41Ge Cap Eur 4.25% 10-01.03.17 5,200,000 EUR 5,691,785.00 5,640,694.75 0.97Ge Cap Iv 4.625% (Frn) 09-66 /Sub 4,000,000 EUR 4,185,500.00 4,127,919.92 0.71Ge Cap.Eur.Fd 4.125% 06-16 Emtn 3,300,000 EUR 3,555,090.00 3,530,366.30 0.61Generali F.5.317% (Tv) 06-..Perp 2,900,000 EUR 3,021,578.65 2,985,547.04 0.52Germany 3.25% 05-04.07.15 2,000,000 EUR 2,066,540.00 2,033,300.02 0.35Glaxosm Cap 5.625% 07-13.12.17 2,200,000 EUR 2,546,280.00 2,542,036.11 0.44Gmac Intl 7.5% 10-21.04.15 2,600,000 EUR 2,765,750.00 2,639,806.00 0.46Gs 4.375% 10-16.03.17 2,600,000 EUR 2,836,860.00 2,819,518.03 0.49Gs 4.5% 11-09.05.16 5,500,000 EUR 5,982,415.00 5,800,586.11 1.00Hbos Plc 4.875% 03-20.03.15 Sub 3,700,000 EUR 3,782,353.00 3,734,040.00 0.64Heidel Fin 6.75% 10-15.12.15 3,300,000 EUR 3,538,920.00 3,484,469.87 0.60Hsbc Cap. 5.13% 04-29.03.49 2,600,000 EUR 2,736,700.00 2,686,449.92 0.46Hsbc Hldg 3.875% 11-16.03.16 4,400,000 EUR 4,783,900.00 4,590,308.93 0.79Hsbc Hldgs Frn 05-20 2,200,000 EUR 2,251,920.00 2,221,120.00 0.38Hutch Wham 4.75% 09-14.11.16 4,000,000 EUR 4,452,636.00 4,320,719.92 0.75Iberdrola 4.5% 12-21.09.17 3,600,000 EUR 4,010,680.00 3,986,935.16 0.69Imp Tobacco 8.375% 09-17.02.16 5,100,000 EUR 5,870,670.00 5,550,661.61 0.96Ing Bk Nv 3.5% 05-16.09.20 3,300,000 EUR 3,259,776.67 3,351,810.00 0.58Ing Groep 4.75% 07-31.05.17 Mtn 2,600,000 EUR 2,882,204.00 2,866,172.30 0.49Ing Nv 3.875% 11-24.05.16 6,600,000 EUR 7,113,728.54 6,928,013.54 1.20Ing Verzekr6.375%2-07.05.27 1,100,000 EUR 1,218,030.00 1,207,250.00 0.21Intesa San 4% 12-09.11.17 6,900,000 EUR 7,575,234.99 7,493,710.50 1.29Intesa Sanp 4.75% 07-15.06.17 2,900,000 EUR 3,190,000.00 3,173,852.77 0.55Intesa Tor 3.75% 09-23.11.16 4,700,000 EUR 4,984,614.91 4,963,862.61 0.86Jpm Chase 3.875% 06-31.03.18 2,200,000 EUR 2,193,400.00 2,196,920.00 0.38Jpm E3r+0.25% 14-20.11.16 1,800,000 EUR 1,798,449.00 1,799,460.00 0.31Kbc Ifima 3% 12-29.08.16 6,300,000 EUR 6,606,232.86 6,572,846.83 1.13Kpn Nv 4.75% 06-17.01.17 Gmtn 3,300,000 EUR 3,612,506.30 3,593,043.17 0.62Lafarge 4.25% 05-23.03.16 2,900,000 EUR 3,048,226.25 3,016,788.77 0.52Legal&Gral Grp 4% (Tv) 05-08.06.25 1,100,000 EUR 1,122,000.00 1,110,120.00 0.19LInde Fin 4.75% 07-24.04.17 1,100,000 EUR 1,228,051.00 1,213,051.37 0.21Lloyds 4.625% 12-02.02.17 2,200,000 EUR 2,427,964.00 2,393,767.24 0.41Mediobanca 0.875% 14-14.11.17 4,000,000 EUR 3,998,920.00 3,987,192.08 0.69Metro 4.25% 10-22.02.17 2,200,000 EUR 2,393,820.00 2,368,423.24 0.41Mondelez 1.125% 13-26.01.17 2,200,000 EUR 2,192,410.00 2,229,277.67 0.38Morgan Stanl.4.375%06-12.10.16 6,300,000 EUR 6,818,180.00 6,734,731.32 1.16Munich Re 5.767% (Tv) 07-49 1,450,000 EUR 1,598,625.00 1,587,718.14 0.27Nl Gasu 5.125% 09-31.03.17 2,200,000 EUR 2,438,993.00 2,435,056.84 0.42Nordea 3.625% 11-11.02.16 2,900,000 EUR 3,096,588.00 3,010,460.94 0.52Nordea 4.625% (Frn) 12-15.02.22 2,900,000 EUR 3,136,034.75 3,105,714.31 0.54Pernod Ric 5% 11-15.03.17 5,100,000 EUR 5,653,064.00 5,596,984.65 0.97Pohja Bank Plc Frn 14-03.03.17 2,200,000 EUR 2,199,340.00 2,210,780.00 0.38Porsche Intl Fin.3.875% 06-16 3,700,000 EUR 3,964,344.00 3,831,350.00 0.66Portugal Tele.Intl 4.375% 05-17 1,100,000 EUR 1,130,778.00 1,134,860.08 0.20Psa Fin 4.25% 11-25.02.16 2,200,000 EUR 2,286,240.00 2,278,929.40 0.39Rabobk 3.875% 11-20.04.16 5,600,000 EUR 6,037,084.83 5,860,988.00 1.01

UBI SICAV

102



(expressed in EUR)


Quantity


assets

Rabobk Nedl.4.25% 07-16.01.17 5,800,000 EUR 6,338,750.00 6,263,866.83 1.08Rbc Tor Frn 14-27.03.19 2,900,000 EUR 2,898,550.00 2,918,560.00 0.50Rbs Grp 1.5% 13-28.11.16 5,100,000 EUR 5,120,023.01 5,185,073.00 0.89Rci Bq 4.25% 12-27.04.17 2,600,000 EUR 2,839,928.00 2,817,815.05 0.49Renault 5.625% 10-30.06.15 5,200,000 EUR 5,519,088.80 5,324,124.00 0.92Repsm 4.75% 07-16.02.17* 4,000,000 EUR 4,392,905.00 4,343,460.08 0.75Roy.Bk Scotld 4.875% 03-15 Emtn 2,900,000 EUR 2,863,983.20 2,932,567.00 0.51Rte Edf Tr. 4.125% 06-27.09.16 2,900,000 EUR 3,217,550.00 3,097,362.49 0.53Sampo Bk 4.25% 12-27.02.17 1,100,000 EUR 1,194,424.00 1,185,575.62 0.20Sanofi Frn 14-10.09.18 2,900,000 EUR 2,900,000.00 2,907,540.00 0.50Sant Id 1.375% 14-25.03.17 5,800,000 EUR 5,832,106.00 5,900,746.00 1.02Sant Id 4.625% 12-21.03.16 5,800,000 EUR 6,011,949.00 6,086,322.80 1.05Santan Cons 1.15% 14-02.10.15 2,900,000 EUR 2,898,724.00 2,913,630.00 0.50Sap Ag Frn 14-20.11.18 2,550,000 EUR 2,550,000.00 2,558,415.00 0.44Seb 3.875% 12-12.04.17 1,800,000 EUR 1,955,160.00 1,945,625.44 0.34Seb 4% 12-12.09.22 2,900,000 EUR 3,121,780.00 3,105,473.61 0.54Shb 3.375% 12-17.07.17 2,600,000 EUR 2,818,114.00 2,805,514.50 0.48Snam 4.375% 12-11.07.16 3,700,000 EUR 3,776,908.09 3,916,386.99 0.68Socgen 4% 11-20.04.16 2,600,000 EUR 2,798,166.22 2,725,426.52 0.47Socgen Frn 14-28.03.16 2,900,000 EUR 2,899,749.19 2,905,510.00 0.50Solvay Fin 6.375% 06-02.06.2104 2,200,000 EUR 2,359,500.00 2,310,019.80 0.40Sparog 3.5% 10-21.04.16 2,200,000 EUR 2,353,230.00 2,291,882.96 0.40St Gobain 4.75% 07-11.04.17 2,900,000 EUR 3,215,505.00 3,175,007.06 0.55Ste Gen. 4.196% 05-.Perp 2,600,000 EUR 2,606,200.00 2,603,614.00 0.45Suez Env 4.82% (Frn) 10-Perp /Sub 1,100,000 EUR 1,137,180.00 1,118,810.00 0.19Svenska Hdbk 4.194% (Tv) 05-Perp 2,200,000 EUR 2,256,265.00 2,244,000.00 0.39Swedbank 2.375% 12-04.04.16 Gmtn 2,200,000 EUR 2,281,048.00 2,258,775.20 0.39Swedbank 3 (Frn) 05.12.22 Emtn 2,900,000 EUR 3,041,774.00 3,039,901.89 0.52Telecom It 4.5% 12-20.09.17 2,900,000 EUR 3,126,200.00 3,111,871.13 0.54Telefonica 3.661% 10-18.09.17 4,400,000 EUR 4,777,030.01 4,761,024.44 0.82Telefonica 4.967% 11-03.02.16 3,300,000 EUR 3,510,153.86 3,463,977.07 0.60Telekom Fin 6.375% 09-29.01.16 2,600,000 EUR 2,821,000.00 2,766,306.40 0.48Terna 4.125% 12-17.02.17 1,800,000 EUR 1,945,170.00 1,938,128.36 0.33Tesco Corp 1.25% 13-13.11.17 4,000,000 EUR 3,985,540.00 3,927,460.04 0.68Thales 2.75% 10-19.10.16 2,600,000 EUR 2,746,182.76 2,711,443.83 0.47Thyssenkrupp 8.5% 09-25.02.16 1,800,000 EUR 1,964,700.00 1,950,076.82 0.34Ubs Ag Lond Frn 14-05.09.16 2,900,000 EUR 2,900,000.00 2,904,350.00 0.50Ubs Pref 4.28% 05-Perp 2,600,000 EUR 2,632,300.00 2,608,320.00 0.45Unibail Rod 1.625% 12-26.06.17 1,100,000 EUR 1,128,160.00 1,134,965.73 0.20Unicr.It.Cap. 4.028% (Tv) 05-Perp* 1,450,000 EUR 1,425,060.00 1,448,187.50 0.25Unicredit 2.25% 13-16.12.16 4,000,000 EUR 4,096,051.01 4,107,300.12 0.71USA 0.25% 13-31.01.15 Tbo 2,000,000 USD 1,642,690.71 1,652,748.52 0.29Vinci 4.125% 11-20.02.17 2,200,000 EUR 2,400,332.00 2,374,473.27 0.41Vinci 6.25% 06-Perp 1,450,000 EUR 1,510,175.00 1,501,083.50 0.26Vodafone 6.25% 09-15.01.16 2,200,000 EUR 2,528,586.50 2,334,094.40 0.40Vw Intl Fin 1.875% 12-15.05.17 Emtn 5,500,000 EUR 5,662,250.00 5,704,924.45 0.98Wells Fargo 4.375% 06-01.08.16 3,700,000 EUR 4,044,100.00 3,939,056.96 0.68Wendel Inv.4.875% 06-26.05.16 2,200,000 EUR 2,362,536.00 2,331,498.47 0.40Xstrata Fin 1.5% 12-19.05.16 5,800,000 EUR 5,833,305.00 5,893,611.88 1.02

568,929,687.46 564,229,752.31 97.37



UBI SICAV

103



(expressed in EUR)








Communications 5.13


Insurance 2.78

Retail 2.22

Transportation 2.06

Petrol 1.79



Chemicals 1.51










Miscellaneous 0.20



100.00


France 19.93

Netherlands 18.43

Great Britain 12.64


Italy 9.48

Spain 5.97

Germany 4.62

Ireland 3.79

Sweden 3.72

Denmark 1.39

Jersey 1.39


Finland 0.98

Norway 0.94

Cayman Islands 0.75

Luxembourg 0.63

Canada 0.50

Austria 0.48

Belgium 0.39

Portugal 0.30

Mexico 0.20


100.00

UBI SICAV

104



(expressed in EUR)


Quantity


assets


Shares

Allianz Se /Nam.Vinkuliert 8,000 EUR 726,162.46 1,098,800.00 2.16Atlantia Spa* 54,000 EUR 712,525.95 1,043,820.00 2.06Bayer 22,000 EUR 1,451,329.65 2,486,000.00 4.90Bme* 41,000 EUR 815,640.88 1,317,740.00 2.60Cap Gemini Sa 19,000 EUR 691,618.60 1,130,120.00 2.23Deutsche Telekom /Nam. 293,000 EUR 3,197,928.98 3,882,250.00 7.65Enel* 387,000 EUR 1,420,623.44 1,430,352.00 2.82Eni Spa Roma* 197,000 EUR 3,198,405.54 2,858,470.00 5.63Eutelsat Communications Paris 90,000 EUR 2,450,657.46 2,411,550.00 4.75Gaz De France 52,000 EUR 867,731.11 1,010,360.00 1.99Inditex 50,000 EUR 712,915.58 1,185,250.00 2.33Intesa Sanpaolo /Risp-Non Conv* 986,000 EUR 1,538,198.73 2,031,160.00 4.00Koninklijke Ahold Nv 181,000 EUR 1,909,032.55 2,670,655.01 5.26Nordea Bank Ab /Finn.Dep.Rec 159,000 EUR 1,429,092.89 1,531,965.00 3.02Prysmian Spa 109,000 EUR 1,742,593.62 1,651,350.00 3.25Sa Des Ciments Vicat-Vicat 21,000 EUR 1,054,019.97 1,251,600.00 2.47Sampo Plc A 85,000 EUR 1,745,690.89 3,299,700.00 6.50Sanofi-Aventis 15,000 EUR 780,311.10 1,134,900.00 2.24Scor Se* 66,000 EUR 1,187,904.17 1,662,870.00 3.28Ses Sa /Fdr 38,000 EUR 696,272.62 1,129,170.00 2.22Siemens Ag /Nam. 17,000 EUR 1,275,335.98 1,593,750.00 3.14Snam Rete Gas Spa 481,000 EUR 1,681,848.27 1,972,100.00 3.88Total Sa 93,000 EUR 3,882,746.39 3,954,360.00 7.79Unilever Cert.of Shs 76,551 EUR 1,783,231.20 2,498,624.64 4.92Volkswagen Ag /Vorzug. 10,000 EUR 1,782,802.63 1,846,500.00 3.64

38,734,620.66 48,083,416.65 94.73


stock exchange 38,734,620.66 48,083,416.65 94.73


SharesEvonik Industr -Shs-* 37,000 EUR 1,109,774.35 1,003,625.00 1.98

1,109,774.35 1,003,625.00 1.98

Total - Other transferable securities and money market instruments 1,109,774.35 1,003,625.00 1.98


UBI SICAV

105






Petrol 13.42

Communications 13.12

Insurance 11.94


Retail 7.59


Chemicals 6.88









Transportation 2.06


100.00


France 24.75

Germany 23.47

Italy 21.64

Netherlands 10.18

Finland 6.50

Spain 4.93

Sweden 3.02

Luxembourg 2.22


100.00

UBI SICAV

106



(expressed in EUR)


Quantity


assets


Bonds

Ahml Fin 7.75% 13-13.02.18 33,500,000 RUB 834,956.61 310,636.93 0.58Argentina 7% 05-03.10.15 970,000 USD 681,781.86 780,587.37 1.46Bk of Ceylon 6.875% 12-03.05.17 520,000 USD 428,470.65 447,426.87 0.84Brazil 10% 07-01.01.17 2,470 BRL 801,045.44 731,233.54 1.37Brazil 10% 10-01.01.21 5,110 BRL 1,479,005.39 1,435,570.04 2.68Brazil 10% 12-01.01.18 5,244 BRL 1,568,306.23 1,523,943.14 2.85Brazil 10% 12-01.01.23 2,767 BRL 974,368.74 760,827.08 1.42Brazil 10% 13-01.01.19 720 BRL 202,685.19 206,200.22 0.39Brazil 10% 14-01.01.25 2,022 BRL 568,673.81 547,922.70 1.02Brazil 6% 10-15.08.50/Infl 502 BRL 391,404.33 377,481.96 0.71Brazil 8.5% 12-05.01.24 114,000 BRL 48,331.90 32,619.78 0.06Burau Cap 12.5% 10-08.07.15 250,000 USD 216,894.98 101,346.88 0.19City Buenos 12.5% 10-06.04.15 100,000 USD 79,296.88 83,457.28 0.16Colombia 06% 12-28.04.28 4,247,900,000 COP 1,522,467.76 1,275,367.04 2.38Colombia 10% 08-24.07.24 1,465,900,000 COP 704,547.25 608,765.39 1.14Colombia 11% 05-24.07.20 1,420,200,000 COP 767,027.71 599,060.29 1.12Colombia 7% 12-04.05.22 2,515,100,000 COP 1,003,628.58 878,889.89 1.64Colombia 7.5% 11-26.08.26 869,300,000 COP 351,507.34 302,378.70 0.57Croatia 6.75% 09-05.11.19 Regs 150,000 USD 134,036.32 135,721.37 0.25Emp 8.375% 11-01.02.21 900,000,000 COP 422,783.86 330,246.01 0.62Gaz Capital 8.146% 08-11.04.18 500,000 USD 422,408.74 410,841.18 0.77Hungary 3.5% 14-24.06.20 119,340,000 HUF 384,050.31 383,705.14 0.72Hungary 4% 14-25.03.19 348,000 USD 287,033.43 295,463.56 0.55Hungary 5.5% 13-20.12.18 82,000,000 HUF 268,866.96 284,480.00 0.53Hungary 5.5% 14-24.06.25 18,370,000 HUF 66,756.32 67,589.39 0.13Hungary 6% 07-24.11.23 -A- 120,290,000 HUF 433,757.74 452,253.38 0.85Hungary 6.375% 11-29.03.21 136,000 USD 126,935.92 128,461.67 0.24Hungary 6.5% 08-24.06.19 S.19/A 391,740,000 HUF 1,368,302.57 1,415,936.51 2.65Hungary 6.75% 06-24.02.17 S.B 72,300,000 HUF 259,883.89 250,256.27 0.47Hungary 7% 11-24.06.22 50,430,000 HUF 175,450.62 195,887.29 0.37Indonesia 5.625%12-15.05.23 500,000,000 IDR 26,638.81 28,910.75 0.05Indonesia 6.625% 12-15.05.33 13,500,000,000 IDR 1,083,091.22 754,174.33 1.41Indonesia 7% 11-15.05.22 12,200,000,000 IDR 1,044,046.70 777,673.06 1.45Indonesia 8.25% 10-15.07.21 10,700,000,000 IDR 667,535.20 730,361.01 1.36Indonesia 8.25% 11-15.06.32 3,022,000,000 IDR 289,234.87 199,526.16 0.37Indonesia 8.375% 10-15.09.26 4,800,000,000 IDR 478,619.92 325,605.83 0.61Indonesia 8.375% 13-15.03.24 17,600,000,000 IDR 1,168,118.31 1,217,516.02 2.28Indonesia 8.375% 13-15.03.34 3,000,000,000 IDR 196,061.98 201,580.93 0.38Indonesia 8.75% 13-15.02.44 9,900,000,000 IDR 672,330.69 668,108.94 1.25Indonesia 9% 13-15.03.29 11,500,000,000 IDR 706,225.25 815,522.80 1.52Itauunibanco10.5%-23.11.15/Usd 1,000,000 BRL 432,518.68 303,110.66 0.57Jbs Fin Ii 8.25% 10-29.01.18 620,000 USD 511,680.45 525,324.74 0.98Kazmunaigaz Fin.9.125% 08-18 Reg 565,000 USD 525,414.81 510,003.31 0.95Majapahit 8% 09-07.08.19 Regs 100,000 USD 81,879.74 95,860.19 0.18Malaysia 3.654% 14-31.10.19 600,000 MYR 140,747.91 140,599.40 0.26Malaysia 3.844% 15.04.33 2,180,000 MYR 518,626.75 472,489.96 0.88Malaysia 4.048% 14-30.09.21 2,200,000 MYR 507,997.00 518,555.73 0.97Malaysia 4.127% 12-15.04.32 4,000,000 MYR 1,043,958.23 903,974.78 1.69Malaysia 4.16% 11-15.07.21 545,000 MYR 127,752.70 129,178.77 0.24Malaysia 4.181% 14-15.07.24 650,000 MYR 160,924.51 153,977.37 0.29Mexico 10% 05-05.12.24 -M- 4,940,000 MXN 383,889.42 363,487.19 0.68Mexico 10% 06-20.11.36 36,000 MXN 262,601.97 284,261.27 0.53Mexico 6.5% 11-10.06.21 95,400 MXN 586,526.36 561,608.42 1.05Mexico 7.75% 11-29.05.31 Bonos 247,080 MXN 1,729,567.52 1,574,564.15 2.94Mexico 8% 03-07.12.23 S.M20 351,700 MXN 2,284,539.29 2,267,277.37 4.24Mexico 8% 10-11.06.20 41,600 MXN 262,070.21 262,723.13 0.49Pac Rubial 5.375% 13-26.01.19 240,000 USD 177,409.43 170,847.79 0.32Peru 5.7% 14-12.08.24 1,325,000 PEN 361,167.06 370,294.60 0.69Peru 6.95% 08-12.08.31/Usd 2,850,000 PEN 955,465.98 841,162.30 1.57Philippines 4.95%-15.01.21 /Usd 18,000,000 PHP 337,325.82 345,893.08 0.65Philippines 6.25% 11-14.01.36 20,000,000 PHP 407,178.64 414,625.64 0.77

UBI SICAV

107


Quantity


assets

Poland 3.25% 13-25.07.19 2,685,000 PLN 663,179.93 654,405.31 1.22Poland 4% 12-25.10.23 Se-1023 6,450,000 PLN 1,585,952.12 1,689,348.91 3.16Poland 5.25% 10-25.10.20 285,000 PLN 70,406.28 77,058.49 0.14Poland 5.5% 08-25.10.19 2,992,000 PLN 819,828.61 801,184.91 1.50Rhsb Cap 8.625% 12-17.02.17 28,700,000 RUB 715,992.88 312,059.43 0.58Rhsb Cap 8.7% 11-17.03.16 11,900,000 RUB 298,844.86 134,049.54 0.25Romania 5.85% 12-26.04.23 2,550,000 RON 644,976.74 660,968.42 1.24Russia 11% 98-18 Regs 615,000 USD 602,947.53 588,981.16 1.10Russia 6.8% 12-11.12.19 S26210 15,200,000 RUB 347,164.67 151,386.13 0.28Russia 7%13-25.01.23 44,250,000 RUB 879,049.51 408,799.23 0.76Russia 7.5% 00-31.03.30 Reg/St-Up 535,000 USD 300,626.96 300,933.48 0.56Russia 7.6% 11-14.04.21 22,170,000 RUB 429,944.10 216,997.67 0.41Rzd Capital 8.3% 12-02.04.19 63,200,000 RUB 1,638,672.76 590,378.45 1.10South Africa 6.25% 06-31.03.36* 40,515,000 ZAR 2,875,175.29 2,243,036.24 4.19South Africa 6.75% 06-31.03.21 19,840,000 ZAR 1,364,402.41 1,358,256.00 2.54South Africa 7% 10-28.02.31 7,310,000 ZAR 437,476.68 456,450.30 0.85South Africa 7.25% 05-15.01.20 7,980,000 ZAR 559,575.09 565,457.61 1.06South Africa 7.75% 12-28.02.23 4,910,000 ZAR 358,713.85 348,795.78 0.65South Africa 8% 04-21.12.18 5,110,000 ZAR 363,095.95 374,568.38 0.70Tbg Global 4.625% 03.04.18 Regs 250,000 USD 188,849.95 203,995.21 0.38Thailand 1.25% 12.03.28 /Infl 11,000,000 THB 283,907.74 254,646.25 0.48Thailand Go 4.875% 09-22.06.29 7,500,000 THB 216,513.94 224,682.40 0.42Thailand Gov 1.2% 14.07.21/Cpi 10,700,000 THB 283,210.08 274,638.04 0.51Thailand Gov 3.625% 10-16.06.23 52,520,000 THB 1,232,354.26 1,419,208.48 2.65Turkey 7.1% 13-08.03.23 1,480,000 TRY 436,326.86 494,972.39 0.93Turkey 8.3% 13-20.06.18 1,420,000 TRY 437,577.54 508,225.63 0.95Turkey 8.5% 12-14.09.22 3,305,000 TRY 1,232,269.62 1,203,432.81 2.25Turkey 8.5% 14-10.07.19 995,000 TRY 353,068.98 358,190.39 0.67Turkey 8.8% 13-14.11.18 385,000 TRY 132,645.25 140,120.06 0.26Turkey 8.8% 13-27.09.23 1,245,000 TRY 395,443.95 464,202.54 0.87Turkey 9.5% 12-12.01.22 915,000 TRY 313,022.29 349,761.86 0.65Turkey 10.4% 14-27.03.19 700,000 TRY 256,586.37 268,814.22 0.50Turkey 10.5% 10-15.01.20 1,445,000 TRY 527,890.77 563,743.38 1.05Turkey 9% 12-08.03.17 740,000 TRY 268,493.78 267,360.40 0.50Uruguay 4.25% 07-05.04.27/Infl 3,400,000 UYU 250,421.26 210,188.92 0.39Vimpelcom 9% 13-13.02.18 144a 23,000,000 RUB 580,719.86 218,091.83 0.41

57,451,141.48 51,640,746.80 96.51


stock exchange 57,451,141.48 51,640,746.80 96.51


Bonds

Pemex 07.65%12-24.11.21 144a 6,440,000 MXN 378,678.84 383,504.63 0.71378,678.84 383,504.63 0.71



Options

Call Usd/Jpy Spot Cross 16/01/15 106 (2,588,000) USD (7,150.12) (246,582.81) (0.46)(7,150.12) (246,582.81) (0.46)

Total - Financial Instruments (7,150.12) (246,582.81) (0.46)


UBI SICAV

108



(expressed in EUR)







Petrol 2.75



Transportation 1.10

Communications 0.79


Electricity 0.18

Miscellaneous -0.27


100.00


Indonesia 10.68

Mexico 10.64

Brazil 10.50

South Africa 9.99

Turkey 8.63

Colombia 7.47

Hungary 6.51

Poland 6.02

Malaysia 4.33

Thailand 4.06

Russia 3.11

Peru 2.26

Ireland 1.68

Argentina 1.62

Luxembourg 1.60

Cayman Islands 1.55

Philippines 1.42

Romania 1.24

Kazakhstan 0.95

Sri Lanka 0.84

Netherlands 0.59

Singapore 0.57

Uruguay 0.39

Canada 0.32

Croatia 0.25

Japan -0.46


100.00

UBI SICAV

109



(expressed in EUR)


Quantity


assets


Bonds

Brazil 12.5% 05-05.01.16 Int.Usd 76,760,000 BRL 26,200,916.86 23,999,741.75 2.20Italy 1.65% 14-23.04.20 Btp 16,265,000 EUR 16,386,142.94 16,689,599.94 1.53Italy 2.5% 14-01.05.19 /Btp 32,600,000 EUR 34,730,410.00 34,820,060.00 3.19Italy 3.75% 13-01.05.21 /Btp 7,675,000 EUR 8,352,395.50 8,809,441.75 0.81Italy 4.25% 09-01.03.20 Btp 5,674,000 EUR 6,382,562.15 6,595,911.52 0.61Italy 4.5% 07-01.02.18 Btp 54,000,000 EUR 60,658,740.00 60,237,000.00 5.52Italy 4.5% 13-01.05.23 Btp 7,489,000 EUR 8,453,658.09 9,127,668.09 0.84Italy 4.75% 11-01.09.21 Btp 7,102,000 EUR 8,190,594.56 8,642,494.96 0.79Italy 4.75% 12-01.06.17 20,000,000 EUR 21,688,450.73 21,966,400.00 2.01Italy 5 % 11-01.03.22 Btp 15,000,000 EUR 18,211,500.00 18,633,450.00 1.71Italy 5.5% 12-01.11.22 Btp 11,180,000 EUR 12,225,408.40 14,376,562.91 1.32USA 0.25% 11-15.01.15 S.V-2015 30,615,000 USD 22,536,402.37 25,298,459.61 2.32USA 2.50% 13-15.08.23 Tbo 76,900,000 USD 55,889,588.27 65,563,667.23 6.01

299,906,769.87 314,760,457.76 28.86

Investments Funds

Am Etf Pac Jap Fcp 18,988 EUR 6,706,941.36 7,799,131.12 0.72Amundi Etf St600 Ucits-Eur-/Dis 328,876 EUR 20,154,205.05 21,110,550.44 1.94Blackrock Ir-Ish Msci Fe Ex-Jp 288,218 EUR 9,839,506.03 11,136,743.52 1.02Comstage Etf Dj St 600 Tr -I- 262,843 EUR 14,762,416.33 16,945,488.21 1.55Cs Etf Msci Japan Jpy Etf /Cap 75,331 EUR 6,312,028.10 6,971,884.05 0.64Cs Etf Msci Pac Ex Japan Usd 31,540 EUR 2,822,921.08 3,097,858.80 0.28Cs Etf S&P 500 /Usd 193,819 EUR 21,026,710.47 30,497,200.63 2.80Db X Tracker Msci Ap Ex Jp 856,465 EUR 30,776,566.40 35,132,194.30 3.22Dbxt Es50 — Shs -Ic- Cap 490,310 EUR 28,548,322.59 31,595,576.40 2.90Dbxt Msci Jap Shs -1c- Cap 137,427 EUR 4,659,726.87 5,075,179.11 0.47Dj Stoxx 600 -A-Etf Eur 337,666 EUR 18,321,022.15 21,505,947.54 1.97Ish Iboxx Hycb — Shs 194,457 USD 13,442,855.02 14,397,080.81 1.32Ishare Eu Govt Bond 7-10 Etf 44,350 EUR 8,690,466.77 8,972,892.00 0.82Ishares Bc Eur Cor/Dis* 178,910 EUR 21,785,340.48 23,000,669.60 2.11Ishares Mark Ibox/Exch Tr Eur 104,658 EUR 11,409,578.04 11,360,625.90 1.04Ishares Msci Japan 1,096,571 EUR 8,840,055.43 10,296,801.69 0.94Ishares Plc /S&P 500 1,735,810 EUR 21,136,421.27 29,638,955.75 2.72Ishares Plc Euro Corporate Bd 113,584 EUR 14,522,186.99 15,322,481.60 1.40Ishares Plc-Usd Corp Bond 172,543 EUR 14,603,950.91 16,186,258.83 1.48Ishares Stoxx Europe 600 (De) 525,650 EUR 15,790,564.38 18,003,512.50 1.65Ishesb30-15(De) Anteile 2,256,403 EUR 31,282,718.17 30,833,747.00 2.83Ishs Bar Gov Eur /Dist 109,260 EUR 16,283,203.54 16,473,130.20 1.51Ishs Gl High Yld Crp Bd Usd Etf 243,898 USD 19,392,290.22 20,342,971.51 1.86Ishs Vi Glb Cor-Usd Etf 307,619 USD 23,022,745.82 25,383,269.99 2.33L U Etf Em Mkts/Parts C Eurcap 625,941 EUR 4,757,151.60 5,092,655.98 0.47L Ucits 7-10Y In Gr Parts 156,370 EUR 24,569,964.63 25,230,299.50 2.31Lyxor Am Euromts 5-7Y/Cap/Dis 159,550 EUR 24,268,033.65 24,658,452.50 2.26Lyxor Etf Euro Corp Bond -A- 114,326 EUR 15,035,394.23 16,183,988.56 1.48Lyxor Etf Euromts Global Sicav 148,180 EUR 24,495,235.71 25,152,073.20 2.31Pfis Sh Term Hy Corp Bd Idx Etf 731,039 USD 58,384,636.12 62,276,041.74 5.71Source Msci Em Ac Ptg-A-Etf /Cap 118,973 USD 3,485,791.62 3,732,775.42 0.34Source S&P 500 -A- Etf Usd /Dis 52,896 USD 10,527,127.53 15,235,027.07 1.40Ssga Bar Cor Bd /Gbp-Etf 24,413 EUR 1,533,021.13 1,794,843.76 0.16Ssga Bar Emg Mk /Ex.Trad.Fd Usd 320,352 USD 22,232,288.25 22,076,811.11 2.02Ubi Pramerica Cap Growth Cap 888,000 EUR 4,440,000.00 4,866,240.00 0.45Ubi Pramerica Infl Shield Cap 1,298,000 EUR 6,490,000.00 6,367,988.00 0.58Ubs Etf Msci Ac Asia Ex Jap A 33,251 EUR 2,837,972.85 3,162,502.61 0.29Ubs Msci Em Mkt Trn Idx Sf -A- 468,821 EUR 13,975,554.01 14,847,561.07 1.36

601,164,914.80 661,757,412.02 60.66

Total - Transferable securities and money market instruments listed on an

official stock exchange 901,071,684.67 976,517,869.78 89.52

UBI SICAV

110



Quantity


assets


Options

Call Assicurazioni Generali Spa 19/02/15 16 (8,500) EUR (64,600.00) (137,275.00) (0.01)Call Assicurazioni Generali Spa 19/02/15 18 17,000 EUR 605,200.00 351,900.00 0.03Call Topix Index (Tokyo) 09/01/15 1450 1,300 JPY 2,069,604.38 573,338.20 0.05Call Topix Index (Tokyo) 09/01/15 1550 (1,300) JPY (449,913.99) (8,958.41) -Put Eur/Usd Spot -Cross Rates 06/02/15 1 50,000,000 EUR 293,750.00 430,350.00 0.04Put Eur/Usd Spot -Cross Rates 30/01/15 1 40,000,000 EUR 309,600.00 65,760.00 0.01Put Eur/Usd Spot -Cross Rates 30/01/15 1 60,000,000 EUR 383,940.00 913,080.00 0.08Put Euro Stoxx 50 Pr 16/01/15 2900 (3,000) EUR (420,000.00) (324,000.00) (0.03)Put Euro Stoxx 50 Pr 16/01/15 3000 3,000 EUR 804,000.00 609,000.00 0.05Put Euro Stoxx 50 Pr 16/01/15 3150 2,750 EUR 797,500.00 1,391,500.00 0.13Put Ishs Msci Emerging Market -Shs 17/01/15 36 (10,000) USD (248,736.26) (41,315.49) -Put Ishs Msci Emerging Market -Shs 17/01/15 38 10,000 USD 649,923.77 206,577.43 0.02

4,730,267.90 4,029,956.73 0.37

Total - Financial Instruments 4,730,267.90 4,029,956.73 0.37


UBI SICAV

111



(expressed in EUR)








100.00


Ireland 34.20

Italy 19.38

France 11.49


Luxembourg 8.14

Germany 4.63

Brazil 2.20

Great Britain 0.13

Japan 0.05


100.00

UBI SICAV

112



(expressed in EUR)


Quantity


assets


Bonds

A2a 4.5% 09-02.11.16 1,000,000 EUR 961,462.50 1,070,470.96 0.75Ab Inbev 8.625% 09-30.01.17 1,000,000 EUR 1,254,130.00 1,170,266.04 0.82Abn Amro 4.25% 11-11.04.16 1,000,000 EUR 1,079,900.00 1,050,432.97 0.74Aegon 3% 12-18.07.17 Emtn 1,000,000 EUR 1,059,560.00 1,065,044.02 0.75Aig 5% 07-26.06.17 1,000,000 EUR 1,128,100.00 1,108,432.01 0.78Alstom 4.125% 10-01.02.17 1,500,000 EUR 1,622,700.00 1,613,522.99 1.13Amadeus Cap 4.875% 11-15.07.16 1,000,000 EUR 1,003,750.00 1,068,301.01 0.75Anglo Amer 4.375% 09-02.12.16 1,000,000 EUR 1,103,400.00 1,071,343.00 0.75Anz Bk 3.75% 10-10.03.17 1,000,000 EUR 1,085,210.00 1,074,738.01 0.75Areva 3.875% 09-23.09.16 1,000,000 EUR 1,067,500.00 1,041,250.00 0.73Arrfp 5% 11-12.01.17 2,000,000 EUR 2,190,773.34 2,178,600.00 1.53Atlantia 5.625% 09-06.05.16 1,000,000 EUR 1,029,000.00 1,069,298.02 0.75Auchan 3% 11-02.12.16 1,000,000 EUR 1,063,460.00 1,052,589.04 0.74Austria 3.2% 10-20.02.17 1,500,000 EUR 1,618,410.00 1,604,100.00 1.13B.F.C.M. 4.625 07-27.04.17 Sen 1,000,000 EUR 1,114,460.00 1,099,374.01 0.77Baa Fdg 4.375% 12-25.01.17 2,500,000 EUR 2,496,250.00 2,699,115.00 1.89Barclays 4% 10-20.01.17 1,000,000 EUR 1,092,700.00 1,075,366.97 0.75Bbvsam 4.875% 11-15.04.16 1,000,000 EUR 1,050,000.00 1,055,786.97 0.74Belfius Bk 1.125% 14-22.05.17 1,000,000 EUR 1,009,600.00 1,011,956.02 0.71Belgium 4% 07-28.03.17 1,500,000 EUR 1,653,075.00 1,635,150.03 1.15Bertelsmann 4.75% 06-26.09.16 1,000,000 EUR 1,113,890.00 1,075,505.98 0.75Bmw Fin 3.875% 10-18.01.17 1,000,000 EUR 1,094,650.00 1,073,421.02 0.75Bnpp 3% 12-24.02.17 1,000,000 EUR 1,053,460.00 1,057,397.99 0.74Boa 4.75% 10-03.04.17 2,000,000 EUR 1,845,108.57 2,190,702.06 1.54Bpce 1.625% 13-08.02.17 2,000,000 EUR 1,989,500.00 2,052,729.94 1.44Cap Gem 5.25% 11-29.11.16 1,500,000 EUR 1,605,855.00 1,636,267.55 1.15Cassa Depo 4.25% 11-14.09.16 1,000,000 EUR 1,016,714.19 1,056,600.00 0.74Cba 4.25% 09-10.11.16 1,000,000 EUR 1,098,100.00 1,073,929.98 0.75Citigrp 4.375% 07-30.01.17 1,000,000 EUR 967,776.40 1,082,258.00 0.76Cofp 4.379% 10-08.02.17 1,000,000 EUR 986,100.00 1,079,615.02 0.76Comzbk 3.625% 12-10.07.17 1,000,000 EUR 998,760.00 1,078,899.99 0.76Congr 2.5% 13-20.03.17 1,000,000 EUR 1,023,900.00 1,045,775.99 0.73Cs Ldn 3.875% 10-25.01.17 1,000,000 EUR 1,082,000.00 1,072,341.00 0.75Daimler 4.125% 10-19.01.17 1,000,000 EUR 1,096,120.00 1,077,935.03 0.76Danone 2.5% 11-29.09.16 1,000,000 EUR 1,048,930.00 1,038,590.01 0.73Deut Tel Int Fin 6% 09-20.01.17 1,000,000 EUR 1,179,720.00 1,114,959.03 0.78Dnb 2.75% 12-21.03.17 1,000,000 EUR 1,050,960.00 1,052,432.02 0.74Dong Energy 4% 09-16.12.16 1,500,000 EUR 1,646,125.00 1,604,854.55 1.13Dsk Bk 3.875% 12-28.02.17 1,000,000 EUR 998,080.00 1,076,427.99 0.76Dt An Fin 2.125% 25.07.16 1,000,000 EUR 997,930.00 1,025,873.03 0.72Efsf 2.75% 11-05.12.16 1,500,000 EUR 1,590,810.00 1,579,254.00 1.11Enel 5.25% 07-20.06.17 1,000,000 EUR 1,031,200.00 1,114,636.99 0.78Ericsson Lm 5.375% 07-27.06.17 1,000,000 EUR 1,110,680.00 1,121,063.00 0.79Erste Bk 3.375% 12-28.03.17 1,000,000 EUR 1,029,172.00 1,058,069.99 0.74Eutelsat 4.125% 10-27.03.17 2,000,000 EUR 2,007,500.00 2,157,982.02 1.51Everything 3.5% 12-06.02.17 1,000,000 EUR 1,043,700.00 1,057,148.97 0.74Fade 2.25% 13-17.12.16 2,000,000 EUR 1,997,920.00 2,063,076.02 1.45Fce Bk 1.875% 13-12.05.16 1,000,000 EUR 996,020.00 1,018,970.03 0.71France 1.75% 12-25.02.17 Btan 1,500,000 EUR 1,563,285.00 1,557,450.03 1.09France Tel 4.75% 07-21.02.17 1,000,000 EUR 1,117,780.00 1,092,918.01 0.77Gas Ncp 5.625% 11-09.02.17 1,000,000 EUR 1,023,957.14 1,106,822.97 0.78Ge Cap Eur 4.25% 10-01.03.17 1,000,000 EUR 1,095,390.00 1,084,748.99 0.76Gecina 4.25% 11-03.02.16 1,000,000 EUR 993,100.00 1,041,514.97 0.73Glencore fin 5.25% 10-22.03.17 1,000,000 EUR 1,012,500.00 1,097,210.01 0.77Gs 4.375% 10-16.03.17 2,000,000 EUR 1,899,428.57 2,168,860.02 1.52Hutch Wham 4.75% 09-14.11.16 2,000,000 EUR 2,219,000.00 2,160,359.96 1.52Ico 4.625% 12-31.01.17 2,000,000 EUR 2,096,000.00 2,166,176.00 1.52Ing Nv 4% 11-23.12.16 2,500,000 EUR 2,446,166.67 2,676,935.00 1.88Italy 1.5% 14-15.12.16 /Btp 2,000,000 EUR 1,995,800.00 2,037,301.94 1.43Italy 2.75% 13-15.11.16 1,000,000 EUR 1,004,690.00 1,041,250.00 0.73Italy 5.75% 01-25.07.16 Emtn 2,500,000 EUR 2,429,600.00 2,692,275.00 1.89

UBI SICAV

113


Quantity


assets

Jpmorgan Ch Frn 14-19.02.17 1,000,000 EUR 998,500.00 1,002,100.00 0.70Kbc Ifima 4.5% 12-27.03.17 2,000,000 EUR 2,178,980.00 2,182,946.02 1.53Kpn Nv 4.75% 06-17.01.17 Gmtn 500,000 EUR 556,900.00 544,400.48 0.38Leaseplan 2.5% 12-19.09.16 1,000,000 EUR 999,360.00 1,033,806.99 0.73Lloyds 4.625% 12-02.02.17 1,000,000 EUR 999,572.50 1,088,076.02 0.76Metro 4.25% 10-22.02.17 1,500,000 EUR 1,629,900.00 1,614,834.03 1.13Mondelez 1.125% 13-26.01.17 2,000,000 EUR 1,993,100.00 2,026,616.06 1.42Morgan Stanl.4.375% 06-12.10.16 2,000,000 EUR 2,172,000.00 2,138,009.94 1.50Netherlands 2.5%11-15.01.17 1,500,000 EUR 1,588,680.00 1,576,949.96 1.11Nordea 3.75% 10-24.02.17 1,000,000 EUR 1,087,050.00 1,073,634.03 0.75Pemex Fund.Master 6.375% 04-16 1,500,000 EUR 1,616,250.00 1,619,412.00 1.14Pernod Ric 5% 11-15.03.17 1,000,000 EUR 1,135,070.00 1,097,447.97 0.77Pohjola Bk 2.625% 12-20.03.17 1,000,000 EUR 1,047,610.00 1,052,076.03 0.74Rabobk Nedl.4.25% 07-16.01.17 1,000,000 EUR 1,099,060.00 1,079,977.04 0.76Rbs Grp 1.5% 13-28.11.16 1,500,000 EUR 1,499,745.00 1,525,021.47 1.07Rci Bq 4.25% 12-27.04.17 1,000,000 EUR 995,777.14 1,083,775.02 0.76Red Elec Fi 3.5% 10-07.10.16 2,000,000 EUR 2,004,014.29 2,105,077.98 1.48Repsm 4.75% 07-16.02.17 1,000,000 EUR 1,056,070.00 1,085,865.02 0.76Sampo Bk 4.25% 12-27.02.17 1,500,000 EUR 1,527,557.14 1,616,694.03 1.13Sant Id 4% 12-27.03.17 1,000,000 EUR 999,510.00 1,074,720.00 0.75Securitas 2.75% 12-28.02.17 1,000,000 EUR 994,300.00 1,047,762.99 0.73Snam Frn 13-17.10.16 1,000,000 EUR 999,100.00 1,007,000.00 0.71Socgen 3.75% 12-01.03.17 2,000,000 EUR 2,024,394.29 2,145,932.00 1.51Spain 3.8% 06-31.01.17 2,000,000 EUR 2,047,020.00 2,137,680.06 1.50Spbk 1 Sr 3.5% 12-27.03.17 1,500,000 EUR 1,493,715.00 1,603,784.99 1.13St Gobain 4.75% 07-11.04.17 1,000,000 EUR 1,130,750.00 1,094,830.02 0.77Std Chart 3.875% 11-20.10.16 1,000,000 EUR 1,067,877.00 1,061,912.00 0.74Svsk Hdbk 3.75% 10-24.02.17 1,000,000 EUR 1,086,660.00 1,075,179.98 0.75Telefonica 4.75% 11-07.02.17 2,000,000 EUR 1,941,308.57 2,177,581.94 1.53Telekom Fin.4.25% 05-17 Emtn 1,000,000 EUR 1,099,700.00 1,076,539.99 0.76Teliasonera 4.75% 07-07.03.17 1,000,000 EUR 1,126,040.00 1,096,597.98 0.77Terna 4.125% 12-17.02.17 2,000,000 EUR 1,996,180.00 2,153,475.96 1.51Thales 2.75% 10-19.10.16 1,000,000 EUR 1,046,750.00 1,042,863.01 0.73Ubs 3.125% 12-18.01.16 1,500,000 EUR 1,558,425.00 1,545,155.99 1.08Vallourec 4.25% 11-14.02.17 2,000,000 EUR 2,006,200.00 2,148,323.98 1.51Veolia 4.375% 06-16.01.17 1,000,000 EUR 1,096,870.00 1,082,711.03 0.76Vinci 4.125% 11-20.02.17 1,000,000 EUR 1,115,000.00 1,079,306.03 0.76Vw Intl Fin 1.875% 12-15.05.17 Emtn 1,000,000 EUR 1,026,240.00 1,037,258.99 0.73Wells Fargo 4.125% 06-03.11.16 1,000,000 EUR 1,097,700.00 1,070,662.00 0.75

134,419,755.31 137,781,676.20 96.67


stock exchange 134,419,755.31 137,781,676.20 96.67


UBI SICAV

114



(expressed in EUR)








Communications 6.51



Insurance 2.66

Retail 2.63

Transportation 2.28

Miscellaneous 2.22








Petrol 1.13

Supranational 1.11





Other services 0.73


100.00


France 21.39

Netherlands 12.35

Spain 10.50


Italy 9.29

Great Britain 6.27

Sweden 3.79

Germany 3.40

Belgium 2.68

Austria 2.63

Denmark 1.89

Jersey 1.89

Luxembourg 1.88

Finland 1.87

Norway 1.87

Cayman Islands 1.52

Australia 1.50

Switzerland 1.08

Ireland 0.76


100.00

UBI SICAV

115

Beta Neutral


(expressed in EUR)


Quantity


assets


Bonds

France 2% 09-12.07.15 Btan 1,200,000 EUR 1,225,344.00 1,212,489.62 5.99France 2.5% 10-15.01.15 /Btan 1,500,000 EUR 1,526,565.00 1,500,837.02 7.41Italy 0% 13-30.06.15 Ctz 2,400,000 EUR 2,384,174.00 2,396,232.00 11.83Italy 0% 14-14.04.15 Bot 1,100,000 EUR 1,098,791.78 1,099,362.00 5.43Italy 0% 14-27.02.15 Bot 1,200,000 EUR 1,199,084.87 1,199,808.00 5.92

7,433,959.65 7,408,728.64 36.58

Shares

Aalberts Industries Nv 2,041 EUR 47,002.20 50,075.94 0.25Abertis Infraestructuras Sa 2,099 EUR 35,661.79 34,486.57 0.17Ackermans & Van Haaren Sa 2,232 EUR 224,543.49 227,887.20 1.12Acs 840 EUR 25,108.44 24,334.80 0.12Air Liquide 1,709 EUR 174,364.45 175,770.65 0.87Akzo Nobel Nv (Eur 2) 3,519 EUR 192,829.63 202,870.35 1.00Alstom 6,194 EUR 172,565.48 166,370.84 0.82Amer Sports Corporation A 16,931 EUR 269,283.12 271,911.86 1.34Asml Holding Nv 2,015 EUR 176,547.11 180,342.50 0.89Assicurazioni Generali Spa 4,577 EUR 76,688.81 77,809.00 0.38Atlantia Spa* 1,675 EUR 31,722.57 32,377.75 0.16Beiersdorf Ag 3,156 EUR 221,331.25 212,777.52 1.05Bmw-Bayer.Motorenwerke 1,148 EUR 105,202.53 103,055.96 0.51Boskalis Westminster 3,623 EUR 153,978.30 164,665.35 0.81Bouygues* 4,613 EUR 129,595.55 138,297.74 0.68Cap Gemini Sa 1,177 EUR 69,793.42 70,007.96 0.35Carrefour Sa* 4,625 EUR 111,262.15 117,012.50 0.58Continental Ag 17 EUR 2,915.42 2,984.35 0.01Delhaize Group 376 EUR 19,648.75 22,721.68 0.11Deutsche Boerse Ag /Nam. 4,149 EUR 228,827.44 245,703.78 1.21Deutsche Post Ag. Bonn 6,206 EUR 157,019.41 167,841.27 0.83Enagas 9,252 EUR 249,906.70 242,263.62 1.20Eni Spa Roma* 11,296 EUR 183,117.67 163,904.96 0.81Etab Colruyt 1,362 EUR 51,269.02 52,396.14 0.26Eurazeo 823 EUR 45,939.32 47,906.83 0.24Eutelsat Communications Paris 10,405 EUR 280,349.31 278,801.98 1.38Ferrovial Sa 618 EUR 9,798.23 10,150.65 0.05Fiat Chrysler Automobiles Nv 18,918 EUR 205,060.41 181,612.80 0.90Finmeccanica /Post Regroup. 5,791 EUR 40,246.97 44,793.39 0.22France Telecom Sa 17,982 EUR 246,380.55 254,445.30 1.26Fresenius Medical Care Ag 5,510 EUR 328,800.22 340,793.50 1.68Fuchs Petrolub Ag /Vz.A. 3,277 EUR 104,007.03 109,107.72 0.54Gea Group Ag 3,244 EUR 123,508.88 118,730.40 0.59Grifols Sa -A- 2,869 EUR 97,404.06 95,021.28 0.47Groupe Danone* 2,573 EUR 145,247.80 140,099.85 0.69Groupe Eurotunnel Regroupemt 3,876 EUR 41,262.70 41,473.20 0.20Heidelbergcement Ag 2,073 EUR 125,658.91 121,913.13 0.60Hermes International 350 EUR 84,433.65 103,180.00 0.51Huhtamaki Oy 6,667 EUR 139,689.50 145,607.28 0.72Imerys 682 EUR 39,047.80 41,608.82 0.21Inbev (Ex. Interbrew) 3,328 EUR 309,332.49 312,366.08 1.54Ingenico.Ind.Fin.Ing. 1,175 EUR 98,543.61 102,554.00 0.51Jeronimo Martins Sgps Sa 10,840 EUR 80,952.97 90,351.40 0.45Kone Oyj -B-* 3,439 EUR 115,097.29 130,062.98 0.64Koninklijke Ahold Nv 11,116 EUR 145,695.18 164,016.58 0.81L Oreal 104 EUR 12,973.71 14,487.20 0.07Lanxess Ag 914 EUR 36,913.31 35,147.87 0.17Linde Ag 125 EUR 18,152.06 19,275.00 0.10Luxottica Group 604 EUR 24,641.17 27,482.00 0.14Merck Kgaa 1,018 EUR 73,532.05 79,831.56 0.39Morphosys 1,531 EUR 129,962.82 117,320.53 0.58

UBI SICAV

116



Quantity


assets

Neste Oil Oyj 12,996 EUR 251,474.06 260,699.76 1.29Orion Corp (New) Shs -B- 4,646 EUR 132,081.74 119,727.42 0.59Orpea 1,581 EUR 77,437.70 82,022.28 0.40Osram Licht Akt. 2,453 EUR 80,481.26 80,360.28 0.40Pernod - Ricard 471 EUR 44,975.39 43,454.46 0.21Peugeot Sa 13,977 EUR 148,827.01 142,844.94 0.71Pirelli Et C 11,469 EUR 127,168.38 128,567.49 0.63Publicis Groupe Sa* 2,357 EUR 138,935.21 140,571.48 0.69Qiagen Nv Qiagen Nv 5,920 EUR 114,551.03 114,611.20 0.57Randstad Holding (Eur 0.1) 3,007 EUR 113,282.35 120,460.42 0.59Rexel Sa 2,890 EUR 38,470.15 42,916.50 0.21Rubis Sa 755 EUR 36,351.50 35,692.63 0.18Rwe Ag (Neu). Essen A 9,395 EUR 274,668.29 240,981.75 1.19Saint - Gobain* 3,067 EUR 112,846.87 108,050.41 0.53Sampo Plc A 3,117 EUR 121,950.36 121,001.94 0.60Scor Se 1,208 EUR 29,726.97 30,435.56 0.15Ses Sa /Fdr 2,346 EUR 70,213.82 69,711.39 0.34Siemens Ag /Nam. 1,498 EUR 134,250.45 140,437.50 0.69Sodexo 3,209 EUR 254,761.91 260,795.43 1.29Symrise Ag 3,768 EUR 187,171.49 188,889.84 0.93Technip 3,983 EUR 226,535.94 196,819.95 0.97Telecom Italia Spa 91,589 EUR 81,444.78 80,781.50 0.40Telefonica Sa 13,175 EUR 172,840.79 157,046.00 0.78Telenet Group Holding 4,575 EUR 210,467.27 212,440.13 1.05Terna - Rete Elettrica Nazional 3,290 EUR 12,752.95 12,370.40 0.06Thales 1,463 EUR 61,271.72 65,827.69 0.32Total Sa 124 EUR 5,569.22 5,272.48 0.03Unilever Cert.of Shs 59 EUR 1,956.66 1,925.76 0.01United Intern.&Co /Namensakt 6,222 EUR 210,638.25 233,231.67 1.15Upm - Kymmene Corp 2,035 EUR 28,049.45 27,716.70 0.14Viscofan Sa /Split Issue* 3,110 EUR 145,165.66 137,042.15 0.68Voestalpine Ag 2,211 EUR 75,438.53 72,509.75 0.36Volkswagen Ag /Vorzug. 102 EUR 16,573.54 18,834.30 0.09Wirecard Ag /Apres Red.Cap 2,774 EUR 98,823.59 101,126.17 0.50Zodiac Aerospace 4,471 EUR 120,702.60 124,785.61 0.62

10,170,673.59 10,235,974.56 50.54


stock exchange 17,604,633.24 17,644,703.20 87.12


SharesEvonik Industr -Shs- 2,225 EUR 60,403.75 60,353.13 0.30

60,403.75 60,353.13 0.30



UBI SICAV

117

Beta Neutral


(expressed in EUR)


Beta Neutral






Chemicals 3.90

Communications 3.83


Petrol 3.64




Retail 2.21

Consumer goods 2.06





Transportation 1.41




Biotechnology 1.15

Insurance 1.13

Other services 1.06



Textile 0.51







100.00


France 28.08

Italy 25.98

Germany 13.51

Netherlands 5.83

Finland 5.32

Belgium 4.08

Spain 3.47

Portugal 0.45

Austria 0.36

Luxembourg 0.34


100.00

UBI SICAV

118

Long/Short Euro


(expressed in EUR)


Quantity


assets


Bonds

Italy Frn 10-15.12.15 2,400,000 EUR 2,415,432.00 2,409,360.00 12.692,415,432.00 2,409,360.00 12.69

Shares

Allianz Se /Nam.Vinkuliert 2,000 EUR 208,584.16 274,700.00 1.45Arcelormittal Sa / Reg.Sh. 10,000 EUR 139,544.55 90,880.00 0.48Aryzta Ag /Nam. 2,000 CHF 134,955.43 127,983.33 0.67Autogrill Spa 26,298 EUR 96,008.65 164,362.50 0.87Bayer 4,000 EUR 253,769.21 452,000.00 2.38Bme* 6,000 EUR 116,533.82 192,840.00 1.02Cap Gemini Sa 5,000 EUR 147,406.68 297,400.00 1.57Deutsche Telekom /Nam. 21,000 EUR 182,985.51 278,250.00 1.46Endesa Sa 6,503 EUR 87,790.50 107,624.65 0.57Eni Spa Roma* 14,000 EUR 236,985.21 203,140.00 1.07Eutelsat Communications Paris 15,000 EUR 418,553.69 401,925.00 2.12Finmeccanica /Post Regroup.* 17,000 EUR 59,770.40 131,495.00 0.69Henkel /Vorzug 3,000 EUR 181,313.92 268,260.00 1.41Inditex 20,000 EUR 308,831.51 474,100.00 2.50Intesa Sanpaolo* 178,000 EUR 227,926.81 431,116.00 2.27Jeronimo Martins Sgps Sa 26,000 EUR 359,477.21 216,710.00 1.14Koninklijke Ahold Nv 35,077 EUR 350,788.29 517,561.14 2.73Nordea Bank Ab 5,000 SEK 53,466.56 47,961.35 0.25Nordea Bank Ab /Finn.Dep.Rec 29,000 EUR 240,305.92 279,415.00 1.47Osram Licht Akt. 500 EUR 11,085.43 16,380.00 0.09Pernod - Ricard 2,000 EUR 163,107.29 184,520.00 0.97Prysmian Spa 26,000 EUR 329,643.95 393,900.00 2.07Sampo Plc A 15,000 EUR 306,405.43 582,300.00 3.07Scor Se* 8,000 EUR 161,965.13 201,560.00 1.06Ses Sa /Fdr 8,000 EUR 145,970.47 237,720.00 1.25Shire Plc 5,000 GBP 161,124.57 291,961.69 1.54Siemens Ag /Nam. 3,000 EUR 219,798.85 281,250.00 1.48Total Sa 14,000 EUR 556,346.76 595,280.00 3.13Unicredit Az 49,000 EUR 318,763.84 261,415.00 1.38Unilever Cert.of Shs 10,072 EUR 266,084.60 328,750.08 1.73Usg People Nv 19,000 EUR 126,779.63 177,327.00 0.93Volkswagen Ag /Vorzug. 2,000 EUR 366,250.55 369,300.00 1.94World Duty Free Spa 23,139 EUR 106,873.75 184,302.14 0.97

7,045,198.28 9,063,689.88 47.73


stock exchange 9,460,630.28 11,473,049.88 60.42


SharesEvonik Industr -Shs- 7,000 EUR 210,350.00 189,875.00 1.00

210,350.00 189,875.00 1.00



UBI SICAV

119


Long/Short Euro





Retail 7.34

Insurance 5.58


Communications 4.78

Petrol 4.20

Chemicals 3.38





Miscellaneous 1.54


Consumer goods 1.41



Other services 0.93

Leisure 0.87






100.00


Italy 22.01

Germany 11.21

France 8.85

Netherlands 5.39

Spain 4.09

Finland 3.07

Luxembourg 1.73

Sweden 1.72

Jersey 1.54

Portugal 1.14

Switzerland 0.67


100.00

UBI SICAV

120



(expressed in EUR)


Quantity


assets


Bonds

3i Grp 5.625% 10-17.03.17 3,000,000 EUR 3,153,700.00 3,287,682.03 0.59A2a 4.5% 09-02.11.16 10,000,000 EUR 10,190,000.00 10,704,709.60 1.91Accor 2.875% 12-19.06.17 5,000,000 EUR 5,233,860.00 5,269,335.15 0.94Aib 2.875% 13-28.11.16 2,000,000 EUR 1,993,600.00 2,058,592.08 0.37Air France 6.25% 12-18.01.18 2,000,000 EUR 2,107,010.00 2,187,600.00 0.39Allianz Fin. Frn 05-Perp 5,000,000 EUR 4,217,291.67 5,296,894.85 0.95Alstom 4.125% 10-01.02.17 3,000,000 EUR 3,215,284.00 3,227,045.97 0.58Anglo Amer 1.75% 13-20.11.17 5,000,000 EUR 5,001,990.00 5,129,660.05 0.92Arcelormit 9.375% 09-03.06.16 6,000,000 EUR 7,086,433.33 6,777,534.00 1.21Areva 4.625% 11-05.10.17 5,000,000 EUR 5,336,800.00 5,377,000.05 0.96Arkema 4% 10-25.10.17 3,000,000 EUR 3,289,630.00 3,287,436.00 0.59Atlim 3.375% 10-18.09.17 2,000,000 EUR 2,027,040.00 2,154,777.98 0.38Axa 5.777% 06-Perp 5,000,000 EUR 4,059,500.00 5,243,030.15 0.94Bankinter 4.125% 12-22.03.17 5,000,000 EUR 5,024,550.00 5,409,944.90 0.97Barclays Bk 6% 08-23.01.18 2,000,000 EUR 2,052,253.71 2,288,880.00 0.41Bbva 3.5% 12-05.12.17 2,000,000 EUR 2,000,000.00 2,183,098.00 0.39Bco Esp San 2.625% 14-08.05.17 4,000,000 EUR 3,992,600.00 3,721,463.92 0.66Bco Pop Esp 4.125% 12-30.03.17 5,000,000 EUR 5,014,350.00 5,407,759.85 0.97Bco Pop Sc 3.625% 10-31.03.17 7,000,000 EUR 7,004,800.00 7,466,654.72 1.33Belfius Bk 1.125% 14-22.05.17 2,500,000 EUR 2,499,200.00 2,529,890.05 0.45Bk Ireland 2% 14-08.05.17 2,000,000 EUR 1,995,800.00 2,035,458.06 0.36Bk of Amer 4%(Tv) 06-28.03.18 4,000,000 EUR 3,489,909.09 3,951,600.00 0.71Bnpp 4.73% 06-Perp 4,000,000 EUR 3,149,200.00 4,100,000.00 0.73Bnpp 5.019% 07-Perp 4,000,000 EUR 3,413,500.00 4,180,000.00 0.75Bnpp 5.431% 07-07.09.17 3,000,000 EUR 3,259,200.00 3,362,774.97 0.60Boa 4.75% 07-23.05.17 3,000,000 EUR 2,542,350.00 2,976,600.00 0.53Boa 4.75% 10-03.04.17 3,000,000 EUR 3,325,590.00 3,286,053.09 0.59Bogaeis 3.625% 12-04.12.17 4,000,000 EUR 4,083,580.00 4,342,788.08 0.78Bpce 1.625% 13-08.02.17 3,000,000 EUR 3,064,680.00 3,079,094.91 0.55Bpe Fin 2.5% 14-01.02.17 3,000,000 EUR 2,990,670.00 3,060,504.00 0.55Brisa-Auto Estrad 4.5% 06-16 2,000,000 EUR 1,599,000.00 2,137,545.92 0.38Caixabank 2.5% 13-18.04.17 2,000,000 EUR 1,993,740.00 2,084,644.02 0.37Cassa Depo 4.25% 11-14.09.16 5,000,000 EUR 5,001,583.34 5,283,000.00 0.94Cim. Francais 4.75% 07-04.04.17 5,000,000 EUR 4,965,850.00 5,308,845.15 0.95Citigp 4.75% 04-10.02.19 3,000,000 EUR 2,645,625.00 2,989,500.00 0.53Citigp 4.75% 07-31.05.17 4,000,000 EUR 3,570,000.00 3,961,200.00 0.71Cofp 4.379% 10-08.02.17 3,000,000 EUR 3,281,670.00 3,238,845.06 0.58Congr 2.5% 13-20.03.17 4,000,000 EUR 4,079,300.00 4,183,103.96 0.75Credit Agric.5.971% 08-01.02.18 2,000,000 EUR 2,305,200.00 2,295,968.02 0.41Deut Tel Int Fin 6% 09-20.01.17 3,000,000 EUR 3,410,100.00 3,344,877.09 0.60Dnb 4.75% 12-08.03.22 /Sub 3,500,000 EUR 3,677,150.00 3,746,056.90 0.67Dt An Fin 2.125% 25.07.16 2,000,000 EUR 2,051,600.00 2,051,746.06 0.37Edp Fin Bv 5.75% 12-21.09.17 3,000,000 EUR 3,354,000.00 3,343,152.00 0.60Elm Bv 5.252% (Frn) 06-Perp. 5,000,000 EUR 4,455,000.00 5,223,749.90 0.93Elm Bv 5.849% (Tv) 07-Perp 3,000,000 EUR 2,291,850.00 3,193,499.91 0.57Enbw 7.375% (Frn) 11-02.04.72 /Sub 3,000,000 EUR 3,087,037.50 3,341,550.06 0.60Enel 5.25% 07-20.06.17 6,000,000 EUR 6,187,200.00 6,687,821.94 1.20Esb Fin 6.25% 12-11.09.17 5,000,000 EUR 5,359,000.00 5,754,019.95 1.03F Van Lans 2.875% 12-17.10.16 2,000,000 EUR 2,002,700.00 2,071,604.00 0.37Fade 4.125% 13-17.03.17 5,000,000 EUR 4,978,900.00 5,382,204.80 0.96Fga Cap Ie 2.875% 14-26.01.18 3,500,000 EUR 3,575,250.00 3,627,438.43 0.65Fiat Ft 7% 12-23.03.17 Gmtn 5,000,000 EUR 4,994,933.33 5,456,250.00 0.98Finmec Fin 4.375% 05.12.17 Emtn 5,500,000 EUR 5,560,130.00 5,919,930.56 1.06Fortis Bk 5.757% 07-04.10.17 3,000,000 EUR 3,112,500.00 3,378,623.88 0.60Gas Ncp 5.625% 11-09.02.17 8,000,000 EUR 8,501,696.00 8,854,583.76 1.58Ge Cap Iv 4.625% (Frn) 09-66 /Sub 5,000,000 EUR 4,325,000.00 5,159,899.90 0.92Glencore Fin 5.25% 10-22.03.17 5,000,000 EUR 5,474,850.00 5,486,050.05 0.98Heidlrg 8% 09-31.01.17 6,000,000 EUR 6,791,066.67 6,853,920.12 1.22Hochtief Ag 5.5% 12-23.03.17 5,000,000 EUR 5,017,500.00 5,435,000.00 0.97Hsbc Cap. 5.13% 04-29.03.49 4,000,000 EUR 3,701,400.00 4,132,999.88 0.74Hutchison Wh 2.5% 12-06.06.17 3,000,000 EUR 3,139,500.00 3,138,750.00 0.56

UBI SICAV

121


Quantity


assets

Ico 4.875% 12-30.07.17 5,000,000 EUR 4,992,550.00 5,531,055.05 0.99Intesa San 4% 12-09.11.17 5,000,000 EUR 4,996,000.00 5,430,225.00 0.97Intesa San 5% 12-28.02.17 10,000,000 EUR 10,324,200.00 10,894,819.60 1.95Italcementi Fin 6.125% 21.02.18 2,000,000 EUR 2,217,000.00 2,220,440.06 0.40Italy 1.15% 14-15.05.17 /Btp 5,000,000 EUR 5,005,050.00 5,060,469.80 0.90Italy 2.15% 13-12.11.17 Infl 3,500,000 EUR 3,490,550.00 3,615,813.18 0.65Italy 2.25% 13-22.04.17 Btp /Infl 10,000,000 EUR 10,128,645.00 10,286,612.90 1.84Italy 3.5% 12-01.11.17 Btp 5,000,000 EUR 5,194,650.00 5,397,000.00 0.96Italy 4% 06-01.02.17 Btp 5,000,000 EUR 5,050,805.00 5,356,850.00 0.96Italy 4.75% 12-01.05.17 Btp 5,000,000 EUR 5,131,290.00 5,478,650.00 0.98Italy 4.75% 12-01.06.17 5,000,000 EUR 4,827,900.00 5,491,600.00 0.98Italy 5.25% 02-01.08.17 Btp 5,000,000 EUR 5,218,536.66 5,590,850.00 1.00Italy 5.75% 01-25.07.16 Emtn 5,000,000 EUR 5,299,947.50 5,384,550.00 0.96Kpn Nv 4.75% 06-17.01.17 Gmtn 1,500,000 EUR 1,648,901.16 1,633,201.44 0.29Lafarge 7.625% 09-24.11.16 7,000,000 EUR 8,079,575.00 7,997,353.14 1.43Linde Fin 7.375% 06-14.07.66 3,000,000 EUR 3,354,000.00 3,281,358.03 0.59Lloyds 11.875% 11-16.12.21 2,000,000 EUR 2,516,200.00 2,399,956.06 0.43Lottomatica 8.25% (Tv) 06-66 Regs 2,000,000 EUR 2,177,700.00 2,159,499.96 0.39Mediobanca 0.875% 14-14.11.17 5,000,000 EUR 4,998,650.00 4,983,990.10 0.89Mediobca 4.625% 11-11.10.16 10,000,000 EUR 10,123,200.00 10,669,039.90 1.91Mol Hu O&G 5.875% 10-20.04.17 3,000,000 EUR 2,910,400.00 3,171,540.06 0.57Morgan Stan 5.5%07-02.10.17 10,000,000 EUR 10,305,000.00 11,330,159.80 2.03Mps 4.875% 11-15.09.16 2,000,000 EUR 2,064,800.00 2,134,270.02 0.38Munich Re 5.767% (Tv) 07-49 5,000,000 EUR 4,941,750.00 5,474,890.15 0.98Nordea 4.625% (Frn) 12-15.02.22 2,000,000 EUR 2,072,220.01 2,141,871.94 0.38Ote Plc 4.625% 06-20.05.16 2,000,000 EUR 1,109,000.00 2,023,999.94 0.36Pemex 5.5% 09-09.01.17 2,500,000 EUR 2,776,250.00 2,694,375.05 0.48Pernod Ric 5% 11-15.03.17 3,000,000 EUR 3,322,500.00 3,292,343.91 0.59Peugeot 5.625% 12-11.07.17 3,000,000 EUR 3,277,500.00 3,264,198.06 0.58Pgnig Fin Ab 4% 12-14.02.17 2,000,000 EUR 2,012,181.82 2,121,280.06 0.38Portugal Tele.Intl 4.375% 05-17 5,000,000 EUR 4,395,375.00 5,158,454.90 0.92Rbs 10.5% (Frn) 12-16.03.22 5,500,000 EUR 6,330,472.50 6,510,625.00 1.16Rci Bq 4.25% 12-27.04.17 6,000,000 EUR 6,068,555.26 6,502,650.12 1.16Renault 5.625% 10-22.03.17 4,500,000 EUR 4,727,700.00 4,949,820.09 0.88Repsm 4.75% 07-16.02.17 3,000,000 EUR 3,121,200.00 3,257,595.06 0.58Sampo Bk 4.25% 12-27.02.17 4,000,000 EUR 4,349,100.00 4,311,184.08 0.77Sant Id 1.375% 14-25.03.17 4,000,000 EUR 3,991,120.00 4,069,480.00 0.73Sant Id 4% 12-27.03.17 5,000,000 EUR 4,899,027.78 5,373,600.00 0.96Schaeff Fin 7.75% 15.02.17 2,000,000 EUR 2,215,000.00 2,238,000.04 0.40Snam Spa 2.375% 13-30.06.17 4,000,000 EUR 3,988,920.00 4,176,203.92 0.75Sns 6.625% 11-30.11.16 2,000,000 EUR 2,009,280.00 2,214,416.04 0.40Spain 2.1% 13-30.04.17 10,000,000 EUR 10,031,000.00 10,368,800.40 1.85Spain 5.5% 02-30.07.17 5,000,000 EUR 5,213,317.86 5,633,499.90 1.01St.Chart 5.875% 7-26.09.17 Regs 3,000,000 EUR 3,292,095.00 3,385,865.94 0.61Swedbank 3 (Frn) 05.12.22 Emtn 2,000,000 EUR 2,074,800.00 2,096,484.06 0.37Telecom It 7% 11-20.01.17 7,500,000 EUR 8,316,868.42 8,320,597.43 1.49Telefonica 4.75% 11-07.02.17 10,000,000 EUR 10,323,450.00 10,887,909.70 1.95Telefonica 5.811% 09.05.17 Emtn 5,000,000 EUR 5,372,892.85 5,693,320.10 1.02Telemar N L 5.125% 15.12.17 Regs 2,000,000 EUR 2,122,500.00 2,076,000.06 0.37Tennet Bv 6.655% 10-Perp 3,000,000 EUR 3,157,500.00 3,306,779.94 0.59Thyssenkp 4.375% 12-28.02.17 6,000,000 EUR 6,153,150.00 6,372,300.12 1.14Tnt Pos 5.375% 07-14.11.17 1,500,000 EUR 1,687,500.00 1,689,362.99 0.30Ucb 5.75% 09-10.12.16 2,000,000 EUR 2,219,000.00 2,185,000.00 0.39Unicredit 4.875% 12-07.03.17 10,000,000 EUR 9,995,500.00 10,854,859.90 1.94Unicredit Ital 5.75% 07-26.09.17 5,000,000 EUR 5,518,000.00 5,557,365.05 0.99Unicredit St-Do 98-09.12.16 5,000,000 EUR 6,198,750.00 6,715,000.00 1.20Wendel Invest.4.375% 05-09.08.17 2,500,000 EUR 2,387,500.00 2,734,047.50 0.49

510,031,230.46 539,601,729.33 96.46



UBI SICAV

122



(expressed in EUR)









Communications 5.48


Insurance 3.64



Transportation 1.45

Leisure 1.33

Petrol 1.05


Chemicals 0.59



Retail 0.58




100.00


Italy 27.85

France 14.50

Spain 14.30

Netherlands 10.43


Great Britain 4.48

Luxembourg 4.23

Germany 3.69

Ireland 3.19

Belgium 1.44

Sweden 1.13

Portugal 1.04

Finland 0.77

Jersey 0.74

Norway 0.67

Hungary 0.57

Hong Kong 0.56

Mexico 0.48

Brazil 0.37


100.00

UBI SICAV

123



(expressed in EUR)


Quantity


assets


Bonds

Italy 4% 06-01.02.17 Btp 12,252,000 EUR 11,895,099.24 13,126,425.24 23.22Italy 4.25% 03-01.02.19 Btp 1,000 EUR 946.75 1,136.82 -Italy 4.25% 09-01.09.19 1,000 EUR 935.82 1,151.88 -Italy 4.5% 04-01.02.20 Btp 1,000 EUR 943.31 1,173.21 -Italy 4.5% 07-01.02.18 Btp 1,000 EUR 972.45 1,115.50 -Italy 4.5% 08-01.03.19 Btp 1,000 EUR 955.76 1,150.17 -Italy 4.5% 08-01.08.18 Btp 1,000 EUR 965.50 1,132.16 -Italy 4.75% 11-15.09.16 Btp 5,305,000 EUR 5,321,127.20 5,685,686.80 10.06Italy 4.75% 12-01.05.17 Btp 12,114,000 EUR 12,030,171.12 13,273,673.22 23.48Italy 5.25% 02-01.08.17 Btp 11,726,000 EUR 11,883,011.14 13,111,661.42 23.19

41,135,128.29 45,204,306.42 79.95

Total - Transferable securities andmoneymarket instruments listed on an official

stock exchange 41,135,128.29 45,204,306.42 79.95


Swaptions

CALL FUT-DERIVATIVO 02-02/02/15 8,749,918 EUR 896,866.59 9,966,156.59 17.63896,866.59 9,966,156.59 17.63

Total - Financial Instruments 896,866.59 9,966,156.59 17.63


UBI SICAV

124






Miscellaneous 17.63


100.00


Italy 79.95

European union 17.63


100.00

UBI SICAV

125



(expressed in EUR)


Quantity


assets


Bonds

2i Rete Gas 1.75% 14-16.07.19 3,000,000 EUR 2,998,140.00 3,100,662.00 0.553cif 4% 10-12.01.18 2,000,000 EUR 2,015,000.00 2,180,012.06 0.39A2a 4.5% 12-28.11.19 7,500,000 EUR 7,625,175.00 8,679,997.43 1.55Acea 3.75% 13-12.09.18 2,000,000 EUR 1,995,080.00 2,210,984.04 0.39Aib 2.75% 14-16.04.19 2,000,000 EUR 1,998,340.00 2,102,781.98 0.38Air France 6.25% 12-18.01.18 5,000,000 EUR 5,208,530.00 5,469,000.00 0.98Alliander 3.25%/Frn 13-Perp 1,500,000 EUR 1,491,510.00 1,576,875.00 0.28Alstom 3% 13-08.07.19 2,500,000 EUR 2,487,575.00 2,741,902.55 0.49Amer Movil 5.125% (Frn) 06.09.73 4,000,000 EUR 4,043,760.00 4,326,000.08 0.77Anglo Amer 2.5% 12-18.09.18 2,500,000 EUR 2,604,750.00 2,630,582.43 0.47Arcelormit 3% 14-25.03.19 6,000,000 EUR 5,978,880.00 6,165,882.12 1.10Arrfp 4.875% 11-21.01.19 2,000,000 EUR 2,335,800.00 2,332,648.02 0.42Assgen 7.678% 08-31.12.31 2,000,000 EUR 2,114,000.00 2,285,000.00 0.41Atlim 3.625% 12-30.11.18 3,000,000 EUR 3,190,500.00 3,326,154.09 0.59Aviva Plc 6.875% (Tv) 08-38 Emtn 2,000,000 EUR 2,299,000.00 2,298,999.94 0.41Axa 3.941%(Frn) 14-Perp 2,000,000 EUR 1,811,200.00 2,006,660.00 0.36Banco Bilba 7%(Ftf) 14-Perp 2,000,000 EUR 2,000,000.00 2,037,500.00 0.36Banco Pop 3.5% 14-14.03.19 3,000,000 EUR 3,066,476.25 3,127,710.12 0.56Bankia 4% 14-22.05.24 2,000,000 EUR 2,000,000.00 1,953,500.06 0.35Barclays Bk 6% 08-23.01.18 3,000,000 EUR 3,350,194.28 3,433,320.00 0.61Bayer Ag 3% 14-01.07.75 2,000,000 EUR 2,000,000.00 2,057,899.94 0.37Bbvasm 3.5% 14-11.04.24 3,500,000 EUR 3,489,290.00 3,619,714.11 0.65Bco Brasil 3.75% 13-25.07.18 2,500,000 EUR 2,486,050.00 2,505,674.93 0.45Bco Esp San 4% 14-21.01.19 5,000,000 EUR 5,013,240.00 4,837,300.10 0.86Bcp 3.375% 14-27.02.17 2,500,000 EUR 2,509,625.00 2,527,355.00 0.45Beni Stab. Siiq 4.125% 22.01.18 2,500,000 EUR 2,500,000.00 2,606,250.00 0.47Bg Energy 6.5% (Frn) 12-30.11.72 3,000,000 EUR 3,357,850.00 3,285,000.00 0.59Bk Ireland 4.25% 14-11.06.24 2,000,000 EUR 1,992,240.00 1,975,000.00 0.35Bmps 3.625% 14-01.04.19 2,000,000 EUR 1,989,140.00 2,025,675.96 0.36Bnpp 4.73% 06-Perp 4,000,000 EUR 3,932,800.00 4,100,000.00 0.73Bnpp 7.781% 08-Perp 3,000,000 EUR 3,355,000.00 3,473,673.03 0.62Bp Milan 4.25% 14-30.01.19 6,500,000 EUR 6,814,120.00 6,950,859.63 1.24Bpim 5.473% 09-12.11.16 5,000,000 EUR 5,256,250.00 5,181,114.95 0.93Buzzi Unicem 6.25% 12-28.09.18 4,000,000 EUR 4,150,400.00 4,541,268.00 0.81Cassa Depo 2.375% 14-12.02.19 5,000,000 EUR 4,984,653.32 5,245,679.85 0.94Citigroup 5% 04-02.08.19 2,000,000 EUR 2,369,060.00 2,377,680.06 0.42Cloverie Frn 09-24.07.39 2,000,000 EUR 2,440,000.00 2,456,083.98 0.44Danske Bk A/S 4.878% 07-Perp. 2,500,000 EUR 2,490,285.71 2,601,167.50 0.46Db Cont Cap Tr 8% 08-Perp 3,000,000 EUR 3,211,000.00 3,397,500.00 0.61Dnb Bank As 3% 13-26.09.23 2,500,000 EUR 2,488,700.00 2,613,994.98 0.47Dsk Bk 3.875%/Frn 13-04.10.23 1,500,000 EUR 1,499,460.00 1,611,299.97 0.29Dt An Fin 4.625% 14-08.04.74 2,000,000 EUR 1,995,640.00 2,095,238.04 0.37Edp Fin Bv 2.625% 14-15.04.19 5,000,000 EUR 4,997,050.00 5,175,000.00 0.92Elm Bv 5.252% (Frn) 06-Perp. 4,000,000 EUR 3,910,800.00 4,178,999.92 0.75Elm Bv 5.849% (Tv) 07-Perp 2,000,000 EUR 1,882,500.00 2,128,999.94 0.38Enbw 7.375% (Frn) 11-02.04.72 /Sub 2,000,000 EUR 2,230,200.00 2,227,700.04 0.40Enel 6.5% (Frn) 13-10.01.74 4,000,000 EUR 4,237,060.00 4,400,239.88 0.79Ep Energy 5.875% 12-01.11.19 2,000,000 EUR 2,184,000.00 2,269,499.96 0.41Esb Fin 4.375% 12-21.11.19 2,000,000 EUR 2,310,940.00 2,338,361.96 0.42Eutelsat 5% 11-14.01.19 3,000,000 EUR 3,487,380.00 3,502,908.09 0.63F Van Lans 3.125% 13-05.06.18 3,000,000 EUR 2,996,160.00 3,178,742.97 0.57Fade 5.6% 11-17.09.18 5,000,000 EUR 5,102,500.00 5,868,780.15 1.05Fga Cap Ie 4% 13-17.10.18 6,000,000 EUR 6,194,285.00 6,502,428.12 1.16Fiat 2.75% 14-18.03.19 5,000,000 EUR 4,973,550.00 5,067,330.15 0.91Fiat Ft 6.625% 13-15.03.18 5,500,000 EUR 5,653,250.00 6,098,059.11 1.09Fincan Can 3.75% 13-19.11.18 3,500,000 EUR 3,480,470.00 3,665,900.00 0.65Finmeccanica 5.75%03-12.12.18 2,000,000 EUR 2,158,500.00 2,301,533.96 0.41G4s 2.625% 12-06.12.18 2,000,000 EUR 1,988,300.00 2,135,863.96 0.38Gdf 3.875% Ftf 13-Perp 2,000,000 EUR 2,002,825.00 2,107,100.06 0.38Gdf Suez 3% Frn 14- Perp 2,000,000 EUR 2,005,325.00 2,045,021.98 0.37Ge Cap Iv 4.625% (Frn) 09-66 /Sub 4,000,000 EUR 3,918,160.00 4,127,919.92 0.74

UBI SICAV

126


Quantity


assets

Gecc 5.5% (Tv) 07-15.09.67 Regs 2,000,000 EUR 1,995,000.00 2,144,996.04 0.38Gecina 4.75% 12-11.04.19 2,000,000 EUR 2,160,290.00 2,321,329.96 0.41Gelf Bd Iss 3.125% 03.04.18 Emtn 3,000,000 EUR 2,996,160.00 3,193,338.09 0.57Generali F.5.479% (Tv) 07-..Perp 1,750,000 EUR 1,555,875.00 1,812,996.50 0.32Generali Fi 4.596% 14-Perp 2,000,000 EUR 2,000,000.00 2,027,731.94 0.36Gpb EuroBd 3.984% 13-30.10.18 5,000,000 EUR 5,000,000.00 4,022,499.85 0.72Gpn Capital 2.933% 13-26.04.18 5,000,000 EUR 5,000,000.00 4,158,750.15 0.74Hertz Hdgs 4.375% 13-15.01.19 2,000,000 EUR 2,000,000.00 1,990,000.00 0.36Hochtief Ag 2.625% 14-28.05.19 3,000,000 EUR 3,053,700.00 3,124,500.00 0.56Hutchison Wh Frn (3.75%) 13-Perp 4,000,000 EUR 3,991,175.00 4,057,000.12 0.72Iberdrola 5.75% (Frn) 13-Perp 2,000,000 EUR 2,015,970.00 2,180,000.00 0.39Ico 4.375% 09-20.05.19 6,500,000 EUR 6,088,468.75 7,472,738.13 1.33Ing Nv 3.5% 13-21.11.23 3,000,000 EUR 2,965,500.00 3,167,999.94 0.57Intesa San 3% 13-28.01.19 10,000,000 EUR 9,971,400.00 10,756,009.70 1.92Intesa San St-Up 13-18.01.19 5,000,000 EUR 5,537,500.00 5,636,000.00 1.01Intesa Sanpa 6.625% 08-18 Emtn 5,000,000 EUR 5,296,000.00 5,497,745.15 0.98Is Vita 5.35% 13-18.09.18/Sub 6,500,000 EUR 6,952,250.00 7,269,287.81 1.30Italcementi Fin 6.125% 21.02.18 2,500,000 EUR 2,691,512.50 2,775,550.08 0.50Italy 1.5% 14-01.08.19 /Btp 5,000,000 EUR 5,022,650.00 5,130,215.05 0.92Italy 2.15% 13-12.11.17 Infl 10,000,000 EUR 9,973,000.00 10,330,894.80 1.85Italy 2.5% 14-01.05.19 /Btp 5,000,000 EUR 5,031,150.00 5,340,500.00 0.95Italy 3.5% 13-01.12.18 5,000,000 EUR 5,012,700.00 5,514,250.20 0.99Italy 4.25% 03-01.02.19 Btp 5,000,000 EUR 5,030,550.00 5,684,100.00 1.02Italy 4.5% 08-01.03.19 Btp 5,000,000 EUR 5,123,510.00 5,750,850.00 1.03Italy 4.5% 08-01.08.18 Btp 5,000,000 EUR 5,167,750.00 5,660,800.00 1.01La Caixa 2.375% 14-09.05.19 2,000,000 EUR 1,991,540.00 2,085,343.94 0.37Lafarge 29.11.18 St-Up 5,500,000 EUR 6,014,575.00 6,421,172.78 1.15Linea Group 3.875% 13-28.11.18 3,000,000 EUR 2,983,320.00 3,177,269.91 0.57Lloyds Frn 12-12.02.24 2,000,000 EUR 2,507,500.00 2,609,600.00 0.47Lottomatica 8.25% (Tv) 06-66 Regs 2,000,000 EUR 2,182,000.00 2,159,499.96 0.39Macquaire 1% 14-16.09.19 2,000,000 EUR 2,000,000.00 2,015,827.94 0.36Madrilena Fin 3.779% 13-11.09.18 5,000,000 EUR 5,148,755.00 5,513,465.10 0.98Mediaset 5.125% 13-24.01.19 2,000,000 EUR 1,989,260.00 2,133,400.00 0.38Mediobanca 2.2% 13-30.09.18 4,000,000 EUR 4,131,200.00 4,121,539.92 0.74Mediobca 2.25% 14-18.03.19 6,000,000 EUR 5,993,280.00 6,285,059.94 1.12Meril Lnch 4.625% 6-14.09.18 5,000,000 EUR 5,227,725.00 5,610,409.95 1.00Nat Aust 6.75%(Frn) 08-23 Emtn 2,000,000 EUR 2,310,600.00 2,348,984.06 0.42Nomura Eur 1.875% 13-29.05.18 2,500,000 EUR 2,485,500.00 2,579,319.95 0.46Omv 6.75% (Frn) 11-Perp /Sub 4,000,000 EUR 4,457,700.00 4,392,959.88 0.78Orgau 4% 14-16.09.74 3,500,000 EUR 3,486,945.00 3,207,049.90 0.57Petbra 3.25% 12-01.04.19 2,000,000 EUR 2,062,800.00 1,798,000.04 0.32Peugeot 7.375% 13-06.03.18 5,000,000 EUR 5,153,194.29 5,767,229.85 1.03Pirelli Int 1.75% 14-18.11.19 2,500,000 EUR 2,487,450.00 2,519,500.00 0.45Portel 5.875% 12-17.04.18 5,000,000 EUR 5,026,666.67 5,374,950.05 0.96Portugal 4.75% 09-14.06.19 5,000,000 EUR 4,801,250.00 5,703,000.00 1.02Poste Ital 3.25% 13-18.06.18 5,000,000 EUR 5,051,937.50 5,366,719.80 0.96Poste Vita 2.875% 14-30.05.19 2,000,000 EUR 2,042,500.00 2,078,672.02 0.37Rabobk 5.875% 09-20.05.19 4,000,000 EUR 4,681,140.00 4,791,019.88 0.86Rallye 4.25% 13-11.03.19 2,000,000 EUR 2,000,000.00 2,124,800.00 0.38Rbs Grp 1.625% 14-25.06.19 3,000,000 EUR 2,996,130.00 3,061,335.06 0.55Rbs Grp 3.625% 14-25.03.24 8,000,000 EUR 7,970,560.00 8,078,784.16 1.44Renault 3.625% 13-19.09.18 2,000,000 EUR 2,183,800.00 2,173,439.94 0.39Repsm 4.875% 12-19.02.19 2,000,000 EUR 2,153,891.43 2,306,736.00 0.41Santander 6.25% 14-Perp 2,000,000 EUR 2,000,675.00 1,950,000.00 0.35Schaeff Fin 4.25% 13-15.05.18 2,000,000 EUR 2,004,940.00 2,054,199.98 0.37Shb 2.656% 14-15.01.24 2,000,000 EUR 2,000,000.00 2,085,404.06 0.37Solvay Fin 4.199% /Frn 13-Perp 2,500,000 EUR 2,500,000.00 2,601,269.93 0.46Spain 2.75% 14-30.04.19 5,000,000 EUR 5,078,500.00 5,421,149.85 0.97Spain 3.75% 13-31.10.18 9,000,000 EUR 9,417,600.00 10,037,699.91 1.79Sse Frn 2012 Hybrid Perp 2,000,000 EUR 2,108,500.00 2,167,559.96 0.39St. Generale 6.999% 07-Perp 4,000,000 EUR 4,398,750.00 4,440,000.00 0.79Swedbank 2.375% 14-26.02.24 2,000,000 EUR 1,996,280.00 2,056,031.96 0.37Telecom It 6.125% 12-14.12.18 8,000,000 EUR 8,931,664.00 9,167,608.00 1.64Telefonica 2.736% 13-29.05.19 10,000,000 EUR 10,000,000.00 10,853,270.00 1.94

UBI SICAV

127



(expressed in EUR)


Quantity


assets

Telefonica 6.5% /Frn 13-Perp 2,500,000 EUR 2,500,000.00 2,734,375.00 0.49Telekom Austria Ag Frn 28.02.49 2,500,000 EUR 2,546,559.37 2,678,125.00 0.48Tesco Corp 1.375% 14-01.07.19 3,000,000 EUR 2,990,520.00 2,857,908.09 0.51Tvo Power Co 4.625% 12-04.02.19 2,000,000 EUR 2,263,400.00 2,260,538.02 0.40Ubs Je 7.15% 07-Perp 5,000,000 EUR 5,373,400.00 5,591,249.85 1.00Unic Bka 2.5% 13-27.05.19 3,000,000 EUR 3,057,195.00 3,166,392.06 0.57Unicre Lu F Frn 9-10.12.19 4,000,000 EUR 4,033,500.00 4,597,999.88 0.82Unicredit 3.625% 13-24.01.19 6,000,000 EUR 5,976,600.00 6,581,663.82 1.18Unicredit 5.65% 12-24.08.18 5,000,000 EUR 5,372,500.00 5,653,500.00 1.01Unicredit 6.375% 13-02.05.23 /Sub 2,000,000 USD 1,616,568.92 1,718,724.18 0.31Unicredit 6.75% 14-Perp 2,000,000 EUR 2,000,000.00 1,932,000.00 0.34Unicredit St-Up 11-31.01.19 5,000,000 EUR 5,372,500.00 5,465,575.00 0.98Unicredit St-Up 11-31.10.18 4,000,000 EUR 4,249,200.00 4,271,488.00 0.76Veolia 4.45% 13 Ftf /Perp 2,000,000 EUR 1,983,790.00 2,065,000.00 0.37Vw Intl Fin Frn 13 Ftf /Perp 4,000,000 EUR 4,042,275.00 4,250,000.00 0.76Wendel 5.875% 12-17.09.19 2,500,000 EUR 2,744,475.00 3,020,500.00 0.54

516,364,692.99 539,896,398.21 96.48


stock exchange 516,364,692.99 539,896,398.21 96.48


UBI SICAV

128



(expressed in EUR)









Communications 6.33


Insurance 2.85


Transportation 1.99


Other services 1.89

Petrol 1.67

Miscellaneous 1.40




Leisure 0.39

Retail 0.38

Chemicals 0.37


100.00


Italy 33.97

France 11.39

Netherlands 10.56

Spain 9.16

Great Britain 6.27

Luxembourg 5.64

Ireland 3.47


Portugal 2.33

Austria 1.83

Australia 1.35

Germany 1.33

Jersey 1.00

Cayman Islands 0.77

Mexico 0.77

Denmark 0.75

Sweden 0.74

Hong Kong 0.72

Norway 0.47

Czech Republic 0.41

Finland 0.40


100.00

UBI SICAV

129

Focus Italia


(expressed in EUR)


Quantity


assets


Bonds

Abn Amro Frn 06-Perp. 500,000 EUR 507,500.00 506,246.49 0.41Agf 4.625% (Tv) 05-Perp. 500,000 EUR 510,000.00 506,200.00 0.41Aib 2.875% 13-28.11.16 500,000 EUR 498,500.00 514,648.02 0.41Allianz Se 4.75% 13-Perp 500,000 EUR 542,450.00 556,249.51 0.45Amer Movil 5.125% (Frn) 06.09.73 500,000 EUR 497,315.00 540,750.01 0.44Assgen 7.678% 08-31.12.31 300,000 EUR 317,100.00 342,750.00 0.28Aviva Frn 03- 500,000 EUR 520,000.00 512,550.00 0.41Axa 3.941%(Frn) 14-Perp 500,000 EUR 532,750.00 501,665.00 0.40Banco Pop 3.5% 14-14.03.19 500,000 EUR 498,175.00 521,285.02 0.42Bayer Ag 3% 14-01.07.75 500,000 EUR 500,000.00 514,474.99 0.41Bnpp 4.73% 06-Perp 500,000 EUR 496,250.00 512,500.00 0.41Bp Milan 4% 13-01.22.16 500,000 EUR 507,709.95 510,050.01 0.41Cs 5.75% (Frn) 13-18.09.25 Regs 500,000 EUR 505,950.00 565,000.00 0.46Dong Energy Frn 70-Perp 500,000 EUR 535,600.00 575,002.52 0.46Elm Bv 5.252% (Frn) 06-Perp. 500,000 EUR 520,625.00 522,374.99 0.42Enel 6.5% (Frn) 13-10.01.74 500,000 EUR 494,780.00 550,029.99 0.44Fga Cap Ie 4% 13-17.10.18 500,000 EUR 498,535.00 541,869.01 0.44Fiat Ft 6.625% 13-15.03.18 500,000 EUR 518,650.00 554,369.01 0.45Finmec Fnce 4.5% 13-19.01.21 500,000 EUR 492,525.00 539,473.50 0.43Ge Cap Iv 4.625% (Frn) 09-66 /Sub 500,000 EUR 507,312.50 515,989.99 0.42Generali F.5.317% (Tv) 06-..Perp 150,000 EUR 155,775.00 154,424.85 0.12Grpe Bpce Frn 10-Perp /Sub 500,000 EUR 531,500.00 506,400.00 0.41Ing Nv 3.625%/Frn 14-25.02.26 500,000 EUR 498,725.00 539,160.01 0.43Intesa Sanpa 6.625% 08-18 Emtn 500,000 EUR 564,940.00 549,774.52 0.44Italy 0% 13-30.06.15 Ctz 11,500,000 EUR 11,430,310.00 11,481,945.00 9.25Italy 0% 14-30.08.16 Ctz 2,000,000 EUR 1,968,000.00 1,982,216.04 1.60Italy 2.15% 13-12.11.17 Infl 7,000,000 EUR 7,326,862.45 7,231,626.36 5.83Italy 2.25% 13-22.04.17 Btp /Infl 10,000,000 EUR 10,413,246.63 10,286,612.90 8.29Italy 2.55% 12-22.10.16 Infl 15,000,000 EUR 15,000,000.00 15,441,892.80 12.44Italy 3.5% 13-01.06.18 Btp 1,500,000 EUR 1,520,043.00 1,638,033.03 1.32Italy 3.75% 14-01.09.24 Btp 5,000,000 EUR 5,617,000.00 5,834,450.15 4.70Italy 4.5% 10-01.03.26 Btp 5,000,000 EUR 5,902,700.00 6,162,000.00 4.96Italy 4.5% 13-01.05.23 Btp 5,000,000 EUR 5,944,000.00 6,094,050.00 4.91Italy 4.75% 11-01.09.21 Btp 3,000,000 EUR 3,321,930.00 3,650,730.06 2.94Italy 4.75% 13-01.09.28 5,000,000 EUR 5,529,600.00 6,317,699.80 5.09Italy 5% 09-01.03.25 Btp 7,000,000 EUR 7,437,360.00 8,969,100.35 7.23Italy 5% 09-01.09.40 Btp 9,000,000 EUR 10,721,160.00 11,883,150.00 9.57Italy 5.5% 12-01.11.22 Btp 5,000,000 EUR 5,471,170.00 6,429,589.85 5.18Peugeot 6.5% 13-18.01.19 500,000 EUR 496,830.00 578,762.02 0.47Poste Vita 2.875% 14-30.05.19 500,000 EUR 497,985.00 519,668.01 0.42Rbs Grp 3.625% 14-25.03.24 500,000 EUR 509,385.00 504,924.01 0.41Solvay Fin 4.199% /Frn 13-Perp 500,000 EUR 508,500.01 520,253.99 0.42Ste Gen. 4.196% 05-.Perp 500,000 EUR 498,650.00 500,695.00 0.40Suez Env 4.82% (Frn) 10-Perp /Sub 500,000 EUR 517,755.00 508,550.00 0.41Telecom It 4.75% 11-25.05.18 500,000 EUR 536,545.00 546,001.02 0.44Ubs Ln 4.75% 14-12.02.26 500,000 EUR 497,035.00 535,375.00 0.43Unicr.It.Cap. 4.028% (Tv) 05-Perp 500,000 EUR 498,655.00 499,375.00 0.40Unicredit 6.75% 14-Perp 500,000 EUR 500,000.00 483,000.00 0.39Vw Intl Fin Frn 13 Ftf /Perp 500,000 EUR 496,065.00 531,250.00 0.43

114,913,454.54 121,284,187.83 97.71


stock exchange 114,913,454.54 121,284,187.83 97.71


OptionsCall Usd/Jpy Spot Cross 09/01/15 120 5,000,000 USD 45,447.30 25,235.50 0.02Call Usd/Jpy Spot Cross 09/01/15 125 (5,000,000) USD (10,763.83) (2,825.98) -Put 10y Treasury Notes USA 23/01/15 126 200 USD 51,757.27 28,404.40 0.02

UBI SICAV

130


Quantity


assets

Put Eur/Usd Spot -Cross Rates 09/01/15 1 12,500,000 EUR 69,625.00 123,425.00 0.10Put Euro Bund 23/01/15 155 150 EUR 76,500.00 36,000.00 0.03

232,565.74 210,238.92 0.17



UBI SICAV

131

Focus Italia


(expressed in EUR)

Focus Italia







Insurance 2.37

Communications 0.88



Petrol 0.46

Chemicals 0.41

Miscellaneous 0.17


100.00


Italy 86.55

France 3.33

Netherlands 1.81

Great Britain 1.35

Germany 0.89

Luxembourg 0.88

Ireland 0.85


Denmark 0.46

Switzerland 0.46

Mexico 0.44

Japan 0.02


100.00

UBI SICAV

132



(expressed in EUR)


Quantity


assets


Bonds

1st Quant Min 7.25% 12-15.10.19 575,000 USD 449,152.69 439,493.47 0.111st Quant Min 7.25% 12-15.10.19 435,000 USD 342,161.35 332,486.37 0.08Ahml Fin 7.75% 13-13.02.18 54,500,000 RUB 1,339,135.98 505,364.56 0.12Amer Movil 6.45% 12-05.12.22 90,500,000 MXN 5,431,900.83 4,932,762.55 1.20Argentina 7% 05-03.10.15 7,425,000 USD 5,217,880.95 5,975,114.65 1.46Bk of Ceylon 6.875% 12-03.05.17 3,340,000 USD 2,633,613.30 2,873,857.21 0.70Brazil 10% 07-01.01.17 58,081 BRL 19,612,904.25 17,194,645.87 4.20Brazil 10% 10-01.01.21 27,000 BRL 8,534,462.07 7,585,203.73 1.85Brazil 10% 12-01.01.18 8,371 BRL 3,122,583.45 2,432,671.25 0.59Brazil 10% 12-01.01.23 847 BRL 282,251.81 232,895.03 0.06Brazil 10% 13-01.01.19 9,900 BRL 2,786,921.38 2,835,252.99 0.69Brazil 10% 14-01.01.25 32,365 BRL 9,086,696.76 8,770,286.01 2.14Brazil 10.25% 07-10.01.28 1,285,000 BRL 598,002.12 404,682.26 0.10Brazil 12.5% 05-05.01.16 Int.Usd 730,000 BRL 329,565.09 228,241.42 0.06Brazil 12.5% 06-05.01.22 550,000 BRL 319,935.58 188,762.49 0.05Brazil 6% 10-15.08.50/Infl 4,450 BRL 3,484,293.39 3,346,204.61 0.82Brazil 8.5% 12-05.01.24 832,000 BRL 352,735.14 238,067.17 0.06Cemex 9.5% 12-15.06.18 1,293,000 USD 1,163,177.90 1,171,307.14 0.29City Buenos 12.5% 10-06.04.15 900,000 USD 713,671.88 751,115.52 0.18Colombia 06% 12-28.04.28 28,854,800,000 COP 10,279,196.81 8,663,212.60 2.11Colombia 10% 08-24.07.24 9,723,700,000 COP 4,665,661.03 4,038,100.83 0.99Colombia 11% 05-24.07.20 22,691,900,000 COP 10,841,886.45 9,571,761.81 2.34Colombia 7% 12-04.05.22 12,826,900,000 COP 5,141,383.16 4,482,300.00 1.09Colombia 7.5% 11-26.08.26 6,831,500,000 COP 2,762,659.09 2,376,279.87 0.58Colombia 9.85% 07-27 /Int.Usd 2,450,000,000 COP 1,565,397.70 1,085,741.33 0.26Croatia 6.75% 09-05.11.19 Regs 1,150,000 USD 1,027,611.76 1,040,530.49 0.25Edc Fin 4.875% 17.04.20 -144a- 200,000 USD 158,847.29 106,593.95 0.03Gaz Capital 8.146% 08-11.04.18 1,800,000 USD 1,520,671.46 1,479,028.26 0.36Gov Indonesia 7% 15.05.27 20,000,000,000 IDR 1,784,281.55 1,212,437.33 0.30Hungary 3.5% 14-24.06.20 1,148,650,000 HUF 3,709,647.10 3,693,169.96 0.90Hungary 4% 14-25.03.19 2,556,000 USD 2,108,211.04 2,170,128.90 0.53Hungary 5.5% 13-20.12.18 1,383,290,000 HUF 4,544,592.19 4,799,004.21 1.17Hungary 5.5% 14-24.06.25 137,130,000 HUF 498,328.46 504,547.25 0.12Hungary 6% 07-24.11.23 -A- 533,060,000 HUF 1,992,979.48 2,004,141.54 0.49Hungary 6.375% 11-29.03.21 1,010,000 USD 942,685.86 954,016.82 0.23Hungary 6.5% 08-24.06.19 S.19/A 1,885,870,000 HUF 6,609,388.91 6,816,439.95 1.66Hungary 6.75% 01-24.11.17 17a 59,960,000 HUF 209,199.56 212,247.48 0.05Hungary 6.75% 06-24.02.17 S.B 557,300,000 HUF 2,003,226.74 1,929,015.48 0.47Hungary 7% 11-24.06.22 1,032,800,000 HUF 3,586,427.39 4,011,746.76 0.98Indonesia 11.5% 06-15.09.19 12,000,000,000 IDR 858,342.51 915,140.16 0.22Indonesia 5.625%12-15.05.23 75,000,000,000 IDR 4,407,835.87 4,336,611.92 1.06Indonesia 6.625% 12-15.05.33 80,000,000,000 IDR 6,281,294.55 4,469,181.20 1.09Indonesia 7% 11-15.05.22 87,000,000,000 IDR 7,782,088.10 5,545,701.34 1.35Indonesia 8.25% 10-15.07.21 25,200,000,000 IDR 1,572,138.96 1,720,102.56 0.42Indonesia 8.25% 11-15.06.32 64,400,000,000 IDR 6,673,708.67 4,251,980.47 1.04Indonesia 8.375% 13-15.03.24 130,700,000,000 IDR 8,593,255.96 9,041,439.98 2.21Indonesia 8.375% 13-15.03.34 41,400,000,000 IDR 2,690,413.24 2,781,816.80 0.68Indonesia 8.75% 13-15.02.44 37,700,000,000 IDR 2,560,320.62 2,544,212.82 0.62Indonesia 9% 13-15.03.29 85,800,000,000 IDR 5,413,938.87 6,084,509.22 1.48Jbs Fin Ii 8.25% 10-29.01.18 1,280,000 USD 1,056,372.55 1,084,541.40 0.26Kazmunaigaz Fin.9.125% 08-18 Reg 4,385,000 USD 4,076,066.51 3,958,167.25 0.97Majapahit 8% 09-07.08.19 Regs 1,300,000 USD 1,064,436.59 1,246,182.45 0.30Malaysia 3.654% 14-31.10.19 5,300,000 MYR 1,268,059.50 1,241,961.38 0.30Malaysia 3.844% 15.04.33 15,870,000 MYR 3,635,153.36 3,439,640.19 0.84Malaysia 4.048% 14-30.09.21 15,000,000 MYR 3,463,163.70 3,535,607.22 0.86Malaysia 4.127% 12-15.04.32 21,000,000 MYR 5,493,106.55 4,745,867.59 1.16Malaysia 4.16% 11-15.07.21 4,055,000 MYR 950,526.97 961,137.46 0.23Malaysia 4.392% 11-15.04.26 15,020,000 MYR 3,681,778.95 3,590,632.79 0.88Mexico 10% 05-05.12.24 -M- 36,600,000 MXN 2,844,802.81 2,693,042.77 0.66Mexico 10% 06-20.11.36 278,000 MXN 2,027,870.78 2,195,128.72 0.54Mexico 6.5% 11-09.06.22 Bonos 1,353,850 MXN 8,384,210.87 7,956,749.12 1.94

UBI SICAV

133


Quantity


assets

Mexico 6.5% 11-10.06.21 419,800 MXN 2,572,101.09 2,471,312.52 0.60Mexico 7.75% 11-29.05.31 Bonos 1,798,600 MXN 12,300,804.80 11,461,919.56 2.80Mexico 8% 03-07.12.23 S.M20 1,207,370 MXN 7,689,225.73 7,783,459.41 1.90Mexico 8% 10-11.06.20 310,200 MXN 1,954,186.96 1,959,055.63 0.48Mexico 8.5% 09-31.05.29 Bonos 100,000 MXN 792,157.44 679,022.63 0.17Millicom Ic 4.75% 22.05.20 Regs 1,365,000 USD 1,035,041.36 1,048,958.85 0.26Pac Rubial 5.375% 13-26.01.19 1,060,000 USD 783,558.33 754,577.77 0.18Peru 5.7% 14-12.08.24 7,940,000 PEN 2,153,695.98 2,218,972.92 0.54Peru 6.95% 08-12.08.31/Usd 21,750,000 PEN 7,208,916.71 6,419,396.54 1.57Peru 7.84% 05-12.08.20 Reg-S 2,311,000 PEN 868,755.94 733,570.32 0.18Petbra 5.375% 11-27.01.21 500,000 USD 458,305.08 382,816.88 0.09Philippines 4.95%-15.01.21 /Usd 219,000,000 PHP 4,191,052.51 4,208,365.84 1.03Philippines 6.25% 11-14.01.36 113,000,000 PHP 2,525,273.12 2,342,634.87 0.57Poland 3.25% 13-25.07.19 18,455,000 PLN 4,566,034.18 4,497,970.19 1.10Poland 4% 12-25.10.23 Se-1023 46,750,000 PLN 11,259,995.42 12,244,505.67 2.99Poland 5.25% 10-25.10.20 4,030,000 PLN 992,883.74 1,089,634.10 0.27Poland 5.5% 08-25.10.19 25,063,000 PLN 6,893,494.94 6,711,262.51 1.64Rhsb Cap 8.625% 12-17.02.17 134,000,000 RUB 3,466,910.78 1,457,002.25 0.36Rhsb Cap 8.7% 11-17.03.16 133,900,000 RUB 3,052,026.23 1,508,338.91 0.37Romania 5.85% 12-26.04.23 18,280,000 RON 4,623,264.69 4,738,236.38 1.16Russ Agr Bk 8.625% 17.02.17 80,500,000 RUB 2,073,174.72 840,454.06 0.21Russia 11% 98-18 Regs 4,145,000 USD 4,053,408.56 3,969,637.25 0.97Russia 6.4% 13-27.05.20 174,071,000 RUB 3,358,014.70 1,661,941.51 0.41Russia 6.8% 12-11.12.19 S26210 137,000,000 RUB 3,494,961.87 1,364,467.13 0.33Russia 7% 13-16.08.23 67,985,000 RUB 1,209,868.24 625,737.83 0.15Russia 7%13-25.01.23 289,745,000 RUB 5,772,110.11 2,676,780.40 0.65Russia 7.5% 00-31.03.30 Reg/St-Up 4,955,000 USD 2,717,003.61 2,787,150.24 0.68Russia 7.6% 11-14.04.21 280,135,000 RUB 6,181,792.90 2,741,932.42 0.67Rzd Capital 8.3% 12-02.04.19 364,500,000 RUB 9,400,328.18 3,404,951.66 0.83South Africa 6.25% 06-31.03.36 289,640,000 ZAR 21,534,179.94 16,035,370.02 3.91South Africa 6.75% 06-31.03.21 164,605,000 ZAR 11,212,619.92 11,268,937.98 2.75South Africa 7% 10-28.02.31 73,575,000 ZAR 4,418,557.00 4,594,162.90 1.12South Africa 7.25% 05-15.01.20 59,335,000 ZAR 4,160,700.25 4,204,439.51 1.03South Africa 7.75% 12-28.02.23 29,105,000 ZAR 2,285,120.21 2,067,556.23 0.50South Africa 8% 04-21.12.18 29,415,000 ZAR 3,005,106.79 2,156,150.45 0.53Tbg Global 4.625% 03.04.18 Regs 1,250,000 USD 944,249.77 1,019,976.04 0.25Thailand 1.25% 12.03.28 /Infl 31,900,000 THB 823,332.44 738,474.14 0.18Thailand Go 4.875% 09-22.06.29 39,500,000 THB 1,142,020.62 1,183,327.31 0.29Thailand Gov 1.2% 14.07.21/Cpi 82,800,000 THB 2,193,870.46 2,125,236.37 0.52Thailand Gov 3.58% 12-17.12.27 24,000,000 THB 613,753.23 632,944.75 0.15Thailand Gov 3.625% 10-16.06.23 423,240,000 THB 9,958,822.62 11,436,896.33 2.79Turkey 7.1% 13-08.03.23 5,415,000 TRY 1,696,929.35 1,810,996.95 0.44Turkey 8.3% 13-20.06.18 16,465,000 TRY 5,059,763.32 5,892,911.96 1.44Turkey 8.5% 12-14.09.22 23,040,000 TRY 8,294,117.76 8,389,437.80 2.05Turkey 8.5% 14-10.07.19 7,410,000 TRY 2,629,636.53 2,667,528.43 0.65Turkey 8.8% 13-14.11.18 2,990,000 TRY 1,030,154.05 1,088,205.13 0.27Turkey 8.8% 13-27.09.23 9,795,000 TRY 3,111,617.52 3,652,099.50 0.89Turkey 9% 11-27.01.16 1,845,000 TRY 863,472.15 655,445.49 0.16Turkey 9.5% 12-12.01.22 12,045,000 TRY 4,067,509.72 4,604,242.14 1.12Turkey 10% 10-17.06.15 5,160,000 TRY 2,458,673.39 1,832,933.51 0.45Turkey 10.4% 14-27.03.19 4,040,000 TRY 1,480,161.09 1,551,442.03 0.38Turkey 10.5% 10-15.01.20 8,710,000 TRY 3,297,455.75 3,398,065.65 0.83Uruguay 4.375%11-15.12.28/Infl 33,300,000 UYU 1,731,948.84 1,454,983.82 0.35Vimpelcom 9% 13-13.02.18 144a 59,500,000 RUB 1,460,870.01 564,194.07 0.14

433,655,206.09 389,738,238.69 95.13

Total - Transferable securities and money market instruments listed on an

official stock exchange 433,655,206.09 389,738,238.69 95.13

UBI SICAV

134



(expressed in EUR)


Quantity


assets


Options

Call Usd/Jpy Spot Cross 16/01/15 106 (19,446,000) USD (53,725.37) (1,852,801.12) (0.45)(53,725.37) (1,852,801.12) (0.45)

Total - Financial Instruments (53,725.37) (1,852,801.12) (0.45)


UBI SICAV

135



(expressed in EUR)






Communications 1.85


Petrol 1.63

Transportation 0.83


Electricity 0.30



Miscellaneous -0.45


100.00


Brazil 10.62

Mexico 10.58

Indonesia 10.47

South Africa 9.84

Turkey 8.68

Colombia 7.37

Hungary 6.60

Poland 6.00

Malaysia 4.27

Thailand 3.93

Russia 3.86

Peru 2.29

Argentina 1.64

Philippines 1.60

Luxembourg 1.56

Romania 1.16

Ireland 0.98

Kazakhstan 0.97

Sri Lanka 0.70

Netherlands 0.53

Canada 0.37

Uruguay 0.35

Cayman Islands 0.26

Croatia 0.25

Singapore 0.25

Japan -0.45


100.00

UBI SICAV

136



(expressed in EUR)


Quantity


assets


Bonds

France 3.5% 04-25.04.15 Oat 1,400,000 EUR 1,446,214.00 1,414,929.59 1.08Italy 0% 14-12.06.15 Bot 11,000,000 EUR 10,980,611.74 10,987,680.00 8.40Italy 0% 14-13.02.15 Bot 19,100,000 EUR 19,027,966.31 19,097,708.00 14.61Italy 0% 14-13.03.15 Bot 10,000,000 EUR 9,990,902.50 9,997,300.00 7.65Italy 0% 14-14.01.15 Bot 18,000,000 EUR 17,945,988.90 17,997,660.00 13.76Italy 0% 14-14.04.15 Bot 19,000,000 EUR 18,963,447.22 18,988,980.00 14.52Italy 0% 14-14.05.15 Bot 16,000,000 EUR 15,968,695.35 15,990,880.00 12.23Italy 0% 14-27.02.15 Bot 20,600,000 EUR 20,583,223.15 20,596,704.00 15.75

114,907,049.17 115,071,841.59 88.00


stock exchange 114,907,049.17 115,071,841.59 88.00


UBI SICAV

137







100.00


Italy 86.92

France 1.08


100.00

UBI SICAV

138



(expressed in EUR)


Quantity


assets


Bonds

2i Rete Gas 1.125% 14-02.01.20 200,000 EUR 199,048.00 199,900.00 0.03A2a 3.625% 13-13.01.22 400,000 EUR 447,948.00 452,382.38 0.07Adif Alta V 3.5% 14-27.05.24 200,000 EUR 224,680.00 228,516.20 0.03Air France 3.875% 14-18.06.21 200,000 EUR 198,500.00 200,640.00 0.03Alstom 4.125% 10-01.02.17 150,000 EUR 161,775.00 161,352.30 0.02Areva 3.125% 14-20.03.23 500,000 EUR 507,830.00 480,600.02 0.07Arrfp 2.25% 14-16.01.20 500,000 EUR 499,050.00 534,249.99 0.08Asml Holding 3.375% 13-19.09.23 115,000 EUR 130,301.90 133,563.53 0.02Att 1.45% 14-01.06.22 400,000 EUR 398,856.00 408,760.00 0.06Austria 1.15% 13-19.10.18 2,100,000 EUR 2,101,575.00 2,191,593.66 0.32Austria 1.75% 13-20.10.23 1,350,000 EUR 1,293,165.00 1,487,160.05 0.22Austria 3.15% 12-20.06.44 650,000 EUR 669,695.00 906,476.95 0.13Axa 3.941%(Frn) 14-Perp 200,000 EUR 199,300.00 200,666.00 0.03Barclays 1.5% 14-01.04.22 350,000 EUR 351,820.00 352,861.24 0.05Bayer Ag 3% 14-01.07.75 230,000 EUR 234,025.00 236,658.49 0.03Bbvasm 3.5% 14-11.04.24 200,000 EUR 208,000.00 206,840.81 0.03Bco Esp San 2.625% 14-08.05.17 200,000 EUR 183,600.00 186,073.20 0.03Belgium 3.5% 11-28.06.17 Olo 3,800,000 EUR 4,144,736.00 4,132,500.00 0.61Belgium 3.75% 22.06.45 Regs 1,150,000 EUR 1,160,879.00 1,632,551.49 0.24Belgium 4% 06-28.03.22 S.48 2,200,000 EUR 2,483,206.00 2,752,464.00 0.40Bfcm 1.625% 13-11.01.18 500,000 EUR 517,850.00 517,416.50 0.08Bk Ireland 2.75% 13-05.06.16 400,000 EUR 401,652.00 409,357.21 0.06Bmw Fin 3.25% 12-14.01.19 500,000 EUR 539,925.00 557,357.49 0.08Bnpp 2.625% 14-14.10.27 200,000 EUR 196,440.00 201,137.21 0.03Bnpp 4.73% 06-Perp 500,000 EUR 515,625.00 512,500.00 0.08Boa 2.5% 13-27.07.20 Regs 300,000 EUR 325,560.00 326,051.99 0.05Bpce 2.75% 14-08.07.26 100,000 EUR 99,743.00 101,301.60 0.01Bpcm 2.994% 12-18.02.19 410,000 EUR 436,338.40 448,480.95 0.07Brit Sky Br 1.5% 14-15.09.21 200,000 EUR 200,438.00 203,453.99 0.03Casino Gp 3.994% 12-09.03.20 500,000 EUR 574,300.00 573,918.00 0.08Citigp 4.75% 04-10.02.19 500,000 EUR 494,950.00 498,250.00 0.07Cloverie 1.75% 14-16.09.24 200,000 EUR 205,144.00 209,155.40 0.03Credit Agri 2.375% 13-27.11.20 500,000 EUR 541,220.00 550,339.01 0.08Cs Ag Ldn 1.375% 14-31.01.22 700,000 EUR 705,950.00 719,523.01 0.11Dnb Bank As 3% 13-26.09.23 100,000 EUR 105,050.00 104,559.80 0.02Dt An Fin 3.125% 13-25.07.19 200,000 EUR 218,900.00 219,572.60 0.03Edf 3.875% 12-18.01.22 500,000 EUR 549,775.00 605,276.99 0.09Edf 5% 14-Perp 400,000 EUR 404,100.00 443,500.00 0.07Enbw Intl 2.5% 14-04.06.26 200,000 EUR 216,752.00 220,257.40 0.03Enel 5% 14-15.01.75 200,000 EUR 212,900.00 211,800.00 0.03Everything 3.25% 12-03.08.18 100,000 EUR 107,210.00 108,159.20 0.02Ewe Ag 4.125% 11-04.11.20 500,000 EUR 554,285.00 589,635.01 0.09Fade 3.375% 13-17.03.19 1,500,000 EUR 1,522,050.00 1,651,514.97 0.24Fga Cap Ie 2.625% 14-17.04.19 450,000 EUR 465,385.50 466,618.95 0.07Fiat 2.75% 14-18.03.19 350,000 EUR 355,425.00 354,713.11 0.05France 1% 12-25.07.17 Btan 4,900,000 EUR 4,931,703.00 5,028,380.15 0.74France 3% 05-25.10.15 Oat 5,800,000 EUR 6,109,604.00 5,940,940.00 0.87France 3% 11-25.04.22 Oat 5,000,000 EUR 5,357,300.00 5,913,900.00 0.87France 3.75% 09-25.10.19 Oat 3,800,000 EUR 4,306,312.00 4,454,086.36 0.65France 4% 04-25.04.55 Oat 750,000 EUR 829,365.00 1,175,760.73 0.17France 5.75% 00-25.10.32 4,750,000 EUR 6,518,187.50 7,909,395.81 1.16Gas Nat Fen 3.875% 13-11.04.22 200,000 EUR 235,388.00 236,920.39 0.03Ge Cap Eur 3.625% 11-15.06.17 300,000 EUR 323,550.00 322,925.10 0.05Ge Cap Iv 4.625% (Frn) 09-66 /Sub 200,000 EUR 208,960.00 206,396.00 0.03Gen Motors 1.875% 14-15.10.19 235,000 EUR 237,075.05 238,792.20 0.04Generali Fi 4.596% 14-Perp 200,000 EUR 200,000.00 202,773.19 0.03Germany 0.25% 14-11.10.19 11,560,000 EUR 11,644,783.30 11,689,472.35 1.72Germany 0.5% 12-13.10.17 18,900,000 EUR 18,872,602.00 19,191,626.81 2.82Germany 1% 13-12.10.18 12,000,000 EUR 12,113,640.00 12,473,400.00 1.83Germany 1% 14-15.08.24 1,635,000 EUR 1,661,764.95 1,704,181.76 0.25Germany 2% 11-04.01.22 4,000,000 EUR 4,155,560.00 4,499,679.88 0.66

UBI SICAV

139


Quantity


assets

Germany 2.5% 12-04.07.44 350,000 EUR 334,470.50 444,993.50 0.07Germany 3.25% 09-04.01.20 2,700,000 EUR 3,056,535.00 3,136,806.03 0.46Germany 4.75% 03-04.07.34 4,200,000 EUR 5,601,876.00 6,828,024.25 1.00Glencore fin 5.25% 10-22.03.17 500,000 EUR 555,395.00 548,605.01 0.08Gs 2.5% 14-18.10.21 100,000 EUR 107,460.00 108,390.40 0.02Hannover Ru 3.375% 14-Perp 200,000 EUR 201,480.00 200,501.21 0.03Heathrow Fd 1.875% 14-23.05.22 300,000 EUR 313,350.00 317,340.00 0.05Hsbc Fr 1.875% 13-16.01.20 500,000 EUR 495,900.00 532,179.99 0.08Hsbc Hldg 5.25% 14-Perp 200,000 EUR 203,200.00 200,000.00 0.03Iberdrola 4.25% 12-11.10.18 100,000 EUR 113,210.00 113,300.30 0.02Ico 4% 13-30.04.18 1,500,000 EUR 1,586,250.00 1,654,748.96 0.24Imp Tobacco 2.25% 14-26.02.21 200,000 EUR 204,600.00 212,276.00 0.03Infra Foch 1.25% 14-16.10.20 100,000 EUR 100,424.00 101,180.00 0.01Ing Nv 1.25% 14-13.12.19 450,000 EUR 451,785.00 464,436.00 0.07Ing Nv 4.125% 13-21.11.23 5,000,000 USD 3,793,953.21 4,199,469.47 0.62Intesa San 3.928% 14-15.09.26 400,000 EUR 409,160.00 408,260.01 0.06Intesa Sanpa 6.625% 08-18 Emtn 650,000 EUR 729,625.00 714,706.87 0.11Italy 1.5% 14-01.08.19 /Btp 8,060,000 EUR 8,237,723.00 8,269,906.66 1.22Italy 2.15% 13-12.11.17/Infl 8,500,000 EUR 8,865,898.28 8,781,260.58 1.29Italy 2.25% 13-22.04.17 Btp/Infl 9,000,000 EUR 9,234,217.44 9,257,951.61 1.36Italy 2.5% 14-01.05.19 /Btp 8,070,000 EUR 8,098,401.15 8,619,567.00 1.27Italy 3.75% 05-01.08.15 Btp 28,500,000 EUR 29,649,120.00 29,045,205.00 4.27Italy 4.5% 04-01.02.20 Btp 2,500,000 EUR 2,667,800.00 2,933,025.00 0.43Italy 4.5% 08-01.08.18 Btp 5,000,000 EUR 5,631,300.00 5,660,800.00 0.83Italy 4.5% 12-15.07.15 Btp 5,000,000 EUR 5,262,500.00 5,106,200.00 0.75Italy 4.5% 13-01.03.24 4,100,000 EUR 4,243,868.43 5,045,377.96 0.74Italy 4.75% 13-01.09.28 1,000,000 EUR 1,089,815.00 1,263,539.96 0.19Italy 4.75% 13-01.09.44 Btp 1,750,000 EUR 2,168,827.50 2,266,495.14 0.33Italy 5.5% 12-01.11.22 Btp 11,200,000 EUR 12,911,870.00 14,402,281.26 2.12Italy 5.75% 02-01.02.33 Btp 700,000 EUR 782,992.00 996,064.99 0.15Italy0.75% 14-15.01.18 /Btp 10,000,000 EUR 9,976,500.00 10,022,699.70 1.47Jef 2.375% 14-20.05.20 200,000 EUR 205,122.00 203,477.60 0.03Jpm 1.375% 14-16.09.21 475,000 EUR 478,971.00 487,833.54 0.07Kellogg Co 1.75% 14-24.05.21 200,000 EUR 207,240.00 208,718.00 0.03Kering 1.375% 14-01.10.21 200,000 EUR 203,360.00 205,557.21 0.03Lafarge Sa 4.75% 13-30.09.20 650,000 EUR 684,937.50 767,812.50 0.11Lloyds 1% 14-19.11.21 300,000 EUR 298,587.00 303,384.29 0.04Lottomatica 8.25% (Tv) 06-66 Regs 100,000 EUR 108,350.00 107,975.00 0.02Mor St 1.875% 14-30.03.23 200,000 EUR 199,294.00 207,025.21 0.03Netherlands 1.25% 13-15.01.19 4,400,000 EUR 4,413,860.00 4,617,672.31 0.68Netherlands 2% 14-15.07.24 2,050,000 EUR 2,056,150.00 2,299,118.05 0.34Netherlands 3.75% 10-15.01.42 600,000 EUR 703,782.00 924,003.02 0.14Orange 5% 14-Perp 150,000 EUR 159,000.00 159,000.00 0.02Pemex 3.125% 13-27.11.20 350,000 EUR 383,950.00 372,050.01 0.05Pernod Ric 2.125% 14-27.09.24 200,000 EUR 206,020.00 209,310.20 0.03Peugeot 7.375% 13-06.03.18 200,000 EUR 232,240.00 230,689.19 0.03Philip Mor 1.875% 14-03.03.21 400,000 EUR 395,708.00 424,650.39 0.06Portel 5.875% 12-17.04.18 250,000 EUR 272,375.00 268,747.50 0.04Portugal 4.75% 09-14.06.19 1,233,000 EUR 1,407,709.93 1,406,359.80 0.21Pubfp 1.625% 14-16.12.24 200,000 EUR 198,886.00 202,120.00 0.03Rabobk 2.5% 14-26.05.26 400,000 EUR 398,960.00 406,820.01 0.06Rbs Grp 3.625% 14-25.03.24 500,000 EUR 498,160.00 504,924.01 0.07Repsm 4.875% 12-19.02.19 500,000 EUR 581,195.00 576,684.00 0.08Sampo Bk 1.5% 14-16.09.21 200,000 EUR 202,740.00 204,362.00 0.03Sanpaolo Vi 4.75%/Frn 14-Perp 200,000 EUR 200,000.00 203,500.00 0.03Sant Id 1.375% 14-25.03.17 400,000 EUR 407,640.00 406,948.00 0.06Santander 6.25% 14-Perp 200,000 EUR 196,000.00 195,000.00 0.03Shb 2.656% 14-15.01.24 200,000 EUR 208,860.00 208,540.41 0.03Smithkline 0.625% 14-02.12.19 200,000 EUR 199,002.00 201,340.00 0.03Snam 1.5% 14-24.04.19 300,000 EUR 303,000.00 308,736.90 0.05Socgen 6.75% 14-Perp 250,000 EUR 252,475.00 242,625.00 0.04Solvay Fin 4.199%/Frn 13-Perp 150,000 EUR 151,582.50 156,076.20 0.02Spain 3.3% 13-30.07.16 13,000,000 EUR 13,630,500.00 13,572,519.87 1.99Spain 4% 11-30.07.15 3,000,000 EUR 3,130,950.00 3,061,500.09 0.45

UBI SICAV

140



(expressed in EUR)


Quantity


assets

Spain 4.6% 09-30.07.19 2,000,000 EUR 2,144,480.00 2,341,609.96 0.34Spain 5.5% 02-30.07.17 3,000,000 EUR 3,325,320.00 3,380,099.94 0.50Spain 5.5% 11-30.04.21 6,000,000 EUR 6,735,000.00 7,615,979.94 1.12Spanish Gov 5.15% 13-31.10.44 1,600,000 EUR 2,188,800.00 2,287,823.97 0.34Spanish Gov2.75% 14-31.10.24 5,750,000 EUR 6,066,574.24 6,341,732.50 0.93St Gobain 3.625% 12-15.06.21 500,000 EUR 526,095.00 582,650.99 0.09Std Chart 1.625% 14-13.06.21 100,000 EUR 102,012.00 102,580.00 0.02Tele.Italia 5.375% 04-19 Emtn 700,000 EUR 776,300.00 780,975.31 0.11Telefonica 3.961% 26.03.21 500,000 EUR 580,250.00 588,475.99 0.09Tesco Corp 1.375% 14-01.07.19 200,000 EUR 196,126.00 190,527.21 0.03Thyssenkp 4%13-27.08.18 Emtn 200,000 EUR 215,250.00 215,210.01 0.03Total Cap 1.375% 14-19.03.25 200,000 EUR 197,758.00 201,189.19 0.03Ubs Ln 4.75% 14-12.02.26 500,000 EUR 507,750.00 535,375.00 0.08Ucb 5.75% 09-10.12.16 210,000 EUR 229,534.20 229,425.00 0.03Unicredit 3.25% 14-14.01.21 300,000 EUR 328,710.00 328,051.21 0.05Unicredit 5.75% 13-28.10.25 450,000 EUR 491,468.00 486,217.80 0.07Unicredit 6.375% 13-02.05.23 /Sub 4,600,000 USD 3,751,111.52 3,953,065.61 0.58Vw Intl Fin Frn 13 Ftf /Perp 175,000 EUR 186,112.50 185,937.50 0.03

292,775,517.50 305,135,891.73 44.85

Investments Funds

Ubi Pramerica Cap Growth Cap 888,000 EUR 4,440,000.00 4,866,240.00 0.71Ubi Pramerica Infl Shield Cap 1,298,000 EUR 6,490,000.00 6,367,988.00 0.94

10,930,000.00 11,234,228.00 1.65

Shares

Abb Ltd Zuerich /Namen. 204,000 CHF 3,624,867.51 3,586,327.32 0.53Aberdeen Asset Management Plc 793,942 GBP 3,998,349.70 4,420,217.97 0.65Allianz Se /Nam.Vinkuliert 37,091 EUR 4,588,808.28 5,094,448.85 0.75Arcelormittal Sa /Reg.Sh. 387,259 EUR 4,493,153.94 3,519,409.79 0.52Aryzta Ag /Nam. 159,053 CHF 8,651,922.42 10,178,066.01 1.50Assa Abloy Ab /-B- 95,904 SEK 3,299,403.15 4,197,909.03 0.62Astrazeneca Plc 65,227 GBP 3,597,844.50 3,827,662.19 0.56Atlas Copco Ab A 83,000 SEK 1,803,277.42 1,912,882.44 0.28Autogrill Spa 822,354 EUR 5,923,731.02 5,139,712.50 0.76Bayer 105,202 EUR 9,482,581.22 11,887,826.00 1.75Bme 157,074 EUR 4,205,435.72 5,048,358.36 0.74Booker Group Plc 2,194,000 GBP 3,502,153.02 4,623,704.48 0.68British American Tobacco (25p) 196,636 GBP 7,916,741.83 8,865,458.92 1.30Cap Gemini Sa 132,390 EUR 6,514,317.53 7,874,557.20 1.16Danske Bank As 171,000 DKK 2,883,723.80 3,843,945.12 0.56Deutsche Telekom /Nam. 565,757 EUR 6,546,162.88 7,496,280.25 1.10Eni Spa Roma 477,938 EUR 8,593,502.07 6,934,880.38 1.02Eutelsat Communications Paris 217,063 EUR 4,885,717.07 5,816,203.09 0.85Henkel /Vorzug 63,963 EUR 4,917,535.07 5,719,571.46 0.84Hsbc Holdings Plc 860,734 GBP 7,000,895.21 6,747,937.52 0.99Inditex 394,295 EUR 9,213,714.38 9,346,762.98 1.37Intesa Sanpaolo 2,885,399 EUR 5,313,874.06 6,988,436.38 1.03Jeronimo Martins Sgps Sa 856,275 EUR 12,351,843.09 7,137,052.13 1.05Koninklijke Ahold Nv 1,164,109 EUR 16,015,129.79 17,176,428.30 2.52Nordea Bank Ab 1,177,373 SEK 11,074,386.65 11,293,680.82 1.66Novartis Ag Basel/Nam. 200,164 CHF 11,242,389.33 15,372,257.30 2.26Pernod-Ricard 79,653 EUR 6,495,992.26 7,348,785.78 1.08Premier Oil Plc 1,915,069 GBP 7,408,692.15 4,124,685.56 0.61Prysmian Spa 573,868 EUR 10,356,226.57 8,694,100.20 1.28Rolls Royce Hld 135,000 GBP 1,821,903.64 1,512,945.09 0.22Sa Des Ciments Vicat-Vicat 90,813 EUR 4,934,801.92 5,412,454.80 0.80Sampo Plc A 259,587 EUR 9,159,554.68 10,077,167.34 1.48Scor Se 212,000 EUR 5,353,262.78 5,341,340.00 0.78Scottish & Southern Energy Plc 278,937 GBP 5,133,079.67 5,828,101.71 0.86Ses Sa /Fdr 201,462 EUR 4,303,433.11 5,986,443.33 0.88Shire Plc 210,235 GBP 6,732,324.42 12,276,113.20 1.80Siemens Ag /Nam. 89,495 EUR 8,180,097.86 8,390,156.25 1.23

UBI SICAV

141



(expressed in EUR)


Quantity


assets

Sports Direct International 418,800 GBP 3,625,358.13 3,835,715.79 0.56Telenor As 398,035 NOK 7,395,787.58 6,643,767.06 0.98Total Sa 371,577 EUR 16,453,961.39 15,799,454.04 2.32Unicredit Az 1,683,023 EUR 10,860,262.66 8,978,927.71 1.32Unilever Cert.of Shs 281,925 EUR 8,118,030.94 9,202,032.00 1.35Vodafone Group Plc 1,454,727 GBP 5,594,361.05 4,172,288.65 0.61Volkswagen Ag /Vorzug. 50,834 EUR 9,057,349.25 9,386,498.10 1.38World Duty Free Spa 825,536 EUR 6,947,326.03 6,575,394.24 0.97

309,573,266.75 323,636,347.64 47.56


stock exchange 613,278,784.25 640,006,467.37 94.06


Shares

Evonik Industr -Shs- 241,355 EUR 6,598,609.86 6,546,754.38 0.966,598,609.86 6,546,754.38 0.96

Total - Other transferable securities and money market instruments 6,598,609.86 6,546,754.38 0.96


UBI SICAV

142



(expressed in EUR)







Retail 6.58

Communications 5.18

Petrol 4.00



Chemicals 2.74



Miscellaneous 1.80

Insurance 1.65








Consumer goods 0.84

Leisure 0.78






Transportation 0.11





100.00


Italy 25.66

Germany 17.00

France 12.64

Spain 8.50

Great Britain 7.73

Netherlands 6.21

Switzerland 4.29

Sweden 2.59

Jersey 1.85

Luxembourg 1.53

Finland 1.51

Portugal 1.29

Belgium 1.28

Norway 1.00

Austria 0.67

Denmark 0.56


Ireland 0.21

Mexico 0.05


100.00

UBI SICAV

143



(expressed in EUR)


Quantity


assets


Bonds

Aa Bond 9.5% 13-31.07.43 815,000 GBP 1,137,231.71 1,152,841.62 0.36Abengoa Fin 8.875% 13-05.02.18 400,000 EUR 445,850.00 382,200.01 0.12Academy Ltd 9.25% 01.08.19 144a 750,000 USD 640,677.76 650,718.89 0.20Acadia Hlth 12.875% 11-01.11.18 1,046,000 USD 944,718.20 972,359.94 0.30Aes 8% 07-15.10.17 2,235,000 USD 2,018,340.93 2,073,035.45 0.64Agrokor Dd 9.125% 12-01.02.20 250,000 EUR 279,350.00 272,250.01 0.08Agrokor Dd 9.875% 12-01.05.19 600,000 EUR 661,440.00 649,560.01 0.20Ak Steel Hd 8.75% 13-01.12.18 613,000 USD 528,656.85 531,854.24 0.16Alcatel USA 4.625% 13-01.07.17 1,125,000 USD 884,544.67 938,894.40 0.29Alcatel USA 8.875% 13-01.01.20 550,000 USD 486,412.61 494,236.49 0.15Alize Finco Frn 14-01.12.21 250,000 EUR 248,750.00 244,375.00 0.08Allison Tran 7.125% 11-15.05.19 2,500,000 USD 2,052,151.09 2,161,316.31 0.67Am Axle & M 7.75%11-15.11.19 1,275,000 USD 1,098,603.35 1,179,970.25 0.36Amc Ent 9.75% 11-01.12.20 1,765,000 USD 1,530,616.62 1,586,049.83 0.49Amc Networks 7.75% 12-15.07.21 2,574,000 USD 2,210,752.73 2,275,805.65 0.70Anglian Wat 7% 11-31.01.18 789,000 GBP 1,070,584.45 1,084,273.13 0.33Arcelormit 6.125% 08-01.06.18 2,825,000 USD 2,355,017.27 2,488,973.93 0.77Asca 7.5% 11-15.04.21 2,000,000 USD 1,637,802.68 1,722,839.22 0.53Ashland 3.875% 13-15.04.18 1,400,000 USD 1,143,873.61 1,168,401.92 0.36Autodis 6.5% 14-01.02.19 990,000 EUR 983,450.00 990,000.00 0.30Baa Plc 7.125% 10-01.03.17 500,000 GBP 679,571.39 693,740.38 0.21Beazer 6.625% 12-15.04.18 900,000 USD 755,368.40 777,144.27 0.24Belarus 8.75% 10-03.08.15 350,000 USD 281,963.65 272,347.55 0.08Biomet Inc 6.5% 13-01.08.20 Wi 3,000,000 USD 2,483,554.39 2,652,454.14 0.82Bmbg Bond Frn 14-15.10.20 660,000 EUR 664,125.00 663,300.00 0.20Bombardier 7.5% 10-15.03.18 2,000,000 USD 1,725,082.15 1,801,355.15 0.55Boparan 5.25% 14-15.07.19 550,000 GBP 650,018.08 609,300.15 0.19Boyd Gam 9.125% 11-01.12.18 Wi 2,400,000 USD 1,943,463.79 2,032,721.86 0.63Brightstar 7.25% 13-01.08.18 144a 400,000 USD 338,504.94 352,834.24 0.11Brightstar 9.5% 10-01.12.16 2,500,000 USD 2,061,017.93 2,166,480.75 0.67Building Mat 6.75% 11-01.05.21 300,000 USD 246,798.09 262,146.75 0.08Cablevis Sys 8.625%10-15.09.17 2,250,000 USD 1,969,040.67 2,068,356.47 0.64Capella Heal 9.25% 11-01.07.17 1,250,000 USD 1,034,949.70 1,072,911.50 0.33Carlson Tra 7.5% 15.08.19 /Pik 450,000 USD 341,163.10 374,628.16 0.12Carlson Wagonlit 7.5% 15.06.19 500,000 EUR 538,150.00 531,250.00 0.16Casenwhol 7.875% 11-01.12.17 2,000,000 USD 1,747,168.57 1,817,881.34 0.56Cco Hldgs 7% 11-15.01.19 850,000 USD 669,122.35 728,701.87 0.22Cco Hldgs 7.25% 10-10.17 2,800,000 USD 2,289,987.48 2,407,370.75 0.74Cco Hldgs 7.375% 11-01.06.20 Sr 500,000 USD 420,654.22 437,944.14 0.13Cco Hldgs 8.125% 10-30.04.20 5,135,000 USD 4,325,922.81 4,465,863.08 1.38Cdw Llc/Fin 8.5% 11-01.04.19 4,176,000 USD 3,499,189.52 3,636,142.79 1.12Cedar Fair 5.25% 13-15.03.21 350,000 USD 272,336.64 290,654.44 0.09Cemex Lux 9.875% 30.04.19 Regs 500,000 USD 444,550.29 455,503.22 0.14Cemex Lux 9.875% 30.04.19 Senior 2,400,000 USD 2,104,887.25 2,176,499.75 0.67Cequel Comm6.375%12-15.09.20 3,030,000 USD 2,506,956.61 2,591,348.54 0.80Cerved Tech 6.375% 13-15.01.20 1,660,000 EUR 1,754,778.75 1,759,600.00 0.54Chrysler 8% 11-15.06.19 1,250,000 USD 1,050,793.27 1,085,822.59 0.33Chrysler 8.25% 11-15.06.21 500,000 USD 414,700.82 457,569.00 0.14Chs Com Hlth 8% 15.11.19 2,400,000 USD 2,021,943.47 2,117,005.45 0.65Cinemark 7.375% 11-15.06.21 500,000 USD 429,343.47 440,009.92 0.14Claire S St 9% 12-15.03.19 500,000 USD 399,984.24 406,957.53 0.13Clean Har 5.25% 12-01.08.20 1,000,000 USD 788,962.30 830,441.25 0.26Clearwire Co 14.75% 12-01.12.16 4,000,000 USD 3,913,045.93 3,974,549.66 1.22Cleavb 8.75% 12-15.12.19 144a 2,250,000 USD 1,953,072.90 1,956,804.66 0.60Columbus Mck 7.875% 11-01.02.19 1,000,000 USD 817,139.98 859,362.09 0.26Commscope Hldg 6.625% 13-20 Pik 4,032,000 USD 3,387,276.70 3,431,631.14 1.06

UBI SICAV

144



Quantity


assets

Cons Engy F 6.75% 14-15.10.19 376,000 USD 294,144.61 303,701.87 0.09Constel Brd 3.875% 14-15.11.19 725,000 USD 567,203.88 603,567.59 0.19Convatec 10.875% 10-15.12.18 Regs 1,218,000 EUR 1,291,080.00 1,284,990.00 0.40Corelogic 7.25% 12-01.06.21 670,000 USD 560,379.13 581,308.87 0.18Cott Bev 6.75% 14-01.01.20 775,000 USD 623,090.53 638,789.04 0.20Deut Rast Grup 6.75% 30.12.20 200,000 EUR 213,750.00 212,000.00 0.07Dfs Furniture 7.625% 15.08.18 900,000 GBP 1,181,072.88 1,197,289.14 0.37Digicel 8.25% 09-01.09.17 300,000 USD 243,659.20 247,892.91 0.08Digicel 8.25% 09-01.09.17 500,000 USD 390,295.05 418,319.29 0.13Dish Dbs 7.875% 09-01.09.19 4,600,000 USD 4,132,130.56 4,314,162.95 1.33Dpl Inc 6.75% 14-01.10.19 75,000 USD 58,828.14 62,592.96 0.02Dry Mix Sol Frn 14-15.06.21 500,000 EUR 490,000.00 482,500.00 0.15Ducommun Inc 9.75% 12-15.07.18 2,000,000 USD 1,746,183.97 1,768,302.76 0.54Dynegy Fin 6.75% 14-01.11.19 1,600,000 USD 1,276,619.94 1,345,232.19 0.41Edu Uk 8.875% 13-15.09.18 150,000 GBP 195,289.43 188,895.93 0.06Eileme 2 Ab 11.625% 12-31.01.20 900,000 USD 830,127.31 841,249.38 0.26Eileme 2 Ab 11.625% 12-31.01.20 600,000 USD 540,667.61 555,280.12 0.17Eileme 2 Ab 11.75% 31.01.20 550,000 EUR 642,750.00 627,000.00 0.19Elfiuk 8.75% 12-15.06.19 550,000 GBP 728,252.69 715,583.38 0.22Emdeon 11% 12-31.12.19 Sr 2,850,000 USD 2,450,389.49 2,561,043.63 0.79Enterpr.Inns 6.5% 03-06.12.18 250,000 GBP 345,937.87 331,701.46 0.10Esterline Tec 7% 10-01.08.20 800,000 USD 676,971.92 694,100.15 0.21Everest Acq/Fin 9.375% 01.05.20 150,000 USD 129,432.07 125,185.92 0.04Felcor Esc 6.75% 11-01.06.19 1,198,000 USD 1,009,760.84 1,028,228.92 0.32Fiat Ft 6.625% 13-15.03.18 700,000 EUR 759,750.00 776,116.61 0.24First Data 12.625% 11-15.01.21 6,300,000 USD 5,970,407.72 6,181,829.45 1.90First Data 8.875% 15.08.20 144a 1,000,000 USD 849,227.62 886,217.15 0.27Fmg Res 6% 12-01.04.17 1,700,000 USD 1,377,134.73 1,343,269.71 0.41Fmg Res 6.875% 10-01.02.18 470,000 USD 162,149.42 156,640.78 0.05Fresenius Med 6.5% 15.09.18 144a 400,000 USD 331,813.77 365,228.89 0.11Fsl Sem 10.75% 11-01.08.20 Wi 500,000 USD 418,472.58 451,371.67 0.14Fsl Sem 8.05% 11-01.02.20 797,000 USD 678,338.53 709,607.92 0.22Ftr 8.5% 10-15.04.20 250,000 USD 232,402.72 230,333.83 0.07Gala Group 8.875% 11-01.09.18 1,050,000 GBP 1,273,842.39 1,272,139.86 0.39Galapagos S Frn 14-15.06.21 400,000 EUR 390,500.00 391,800.00 0.12Gaz Cap 4.3% 14-12.11.15 750,000 USD 599,543.63 606,593.95 0.19Gaz Cap 4.95% 11-23.05.16 400,000 USD 318,089.11 317,501.24 0.10Gaz Capital 8.146% 08-11.04.18 400,000 USD 351,634.30 328,672.95 0.10Gci 5.125% 13-15.10.19 350,000 USD 265,290.46 295,715.58 0.09Gci 7.125% 10-01.09.18 Sr 750,000 USD 609,375.00 639,873.57 0.20Gcl Hold 9.375% 11-15.04.18 654,000 EUR 691,030.00 683,430.00 0.21Gcs Holdco 6.5% 13-15.11.18 500,000 EUR 514,875.00 521,875.00 0.16Gen Motors 1.875% 14-15.10.19 200,000 EUR 199,764.00 203,227.40 0.06Gestamp Fdg 5.875% 13-31.05.20 1,000,000 EUR 1,060,750.00 1,058,499.98 0.33Glp Cap 4.375% 14-01.11.18 750,000 USD 599,947.77 633,676.25 0.20Gold Nug 8.5% 13-01.12.21 750,000 USD 593,410.84 593,393.65 0.18Grainger 5% 13-16.12.20 500,000 GBP 631,907.89 654,495.27 0.20Greif 7.75% 09-01.08.19 763,000 USD 703,197.63 712,435.96 0.22Hca 4.25% 14-15.10.19 400,000 USD 316,706.25 335,481.74 0.10Hca 8% 11-01.10.18 2,000,000 USD 1,808,962.63 1,892,249.22 0.58Hca Hldgs 7.75% 11-15.05.21 1,000,000 USD 870,872.40 880,019.83 0.27Healthsouth 8.125% 09-15.02.20 1,000,000 USD 845,121.07 863,493.64 0.27Heathrow Fl 5.375% 12-02.09.19 200,000 GBP 262,063.78 267,679.86 0.08Heid. C Lux 3.25% 13-21.10.20 200,000 EUR 210,648.00 217,750.00 0.07Hexion Fin 8.875% 10-01.02.18 2,175,000 USD 1,706,726.68 1,599,529.00 0.49Idh Fin 6% 13-01.12.18 692,000 GBP 873,805.37 890,961.68 0.27Iglo Foods Frn 14-15.06.20 720,000 EUR 712,800.00 695,160.00 0.21Igloo Hldgs 8.25% 15.12.17 Pik 1,000,000 USD 793,914.95 834,572.80 0.26Ilfc 6.25% 11-15.05.19 300,000 USD 262,769.35 270,823.00 0.08Indosat Pal 7.375% 10-29.07.20 1,200,000 USD 1,006,707.19 1,043,629.15 0.32

UBI SICAV

145




(expressed in EUR)


Quantity


assets

Infinis 7% 13-15.02.19 250,000 GBP 327,910.18 338,947.36 0.10Infor (Us) Inc 11.5%12-15.07.18 Wi 400,000 USD 330,230.83 360,271.03 0.11Infor (Us) Inc 9.375% 01.04.19 5,500,000 USD 4,679,197.98 4,862,832.59 1.50Intelsat 7.25% 11-01.04.19 5,750,000 USD 4,806,415.87 4,959,149.31 1.53Interactive 5.875% 14-15.04.19 2,650,000 USD 2,069,803.63 2,173,297.80 0.67Interxion Reg-S 6% 13-15.07.20 900,000 EUR 963,375.00 945,000.00 0.29Isle Casinos 7.75% 15.03.19 Wi 1,752,000 USD 1,444,695.78 1,498,363.91 0.46Jabil Cir 8.25% 08-15.03.18 1,000,000 USD 928,634.40 939,431.52 0.29Jag Land Rov 8.25%12-15.03.20 1,500,000 GBP 2,053,571.70 2,125,473.33 0.65Jag Ld Rov 4.25% 14-15.11.19 425,000 USD 333,385.63 353,815.49 0.11Jarden Corp 7.5% 01.05.17 1,500,000 USD 1,281,247.55 1,357,213.68 0.42Jbs Fin Ii 8.25% 29.01.18 144a 2,250,000 USD 1,880,839.85 1,901,028.76 0.59Jbs Invts 7.75% 13-28.10.20 350,000 USD 306,703.91 299,475.30 0.09Jbs USA 7.25% 13-01.06.21 400,000 USD 338,048.43 340,439.60 0.10Jbs USA 8.25% 12-01.02.20 500,000 USD 424,704.29 425,549.50 0.13Jmc Steel Grp 8.25% 11-15.03.18 1,391,000 USD 1,099,278.18 1,091,926.95 0.34Kelda Finance 5.75% 13-17.02.20 425,000 GBP 556,939.51 559,786.46 0.17Kenan Adv Grp 8.375% 15.12.18 250,000 USD 202,289.56 212,774.75 0.07Kindred 8% 14-15.01.20 1,425,000 USD 1,150,678.29 1,245,197.07 0.38Kion Fin 6.75%13-15.02.20 Regs 650,000 EUR 710,937.50 700,049.98 0.22Kodiak O&G 8.125% 12-01.12.19 125,000 USD 105,936.29 105,096.27 0.03Koppers 7.875% 10-01.12.19 3,894,000 USD 3,224,508.83 3,302,113.29 1.02Landrys 9.375% 12-01.05.20 144a 3,225,000 USD 2,707,581.54 2,824,739.71 0.87Laureate Educ 9.25% 12-01.09.19 1,500,000 USD 1,251,703.00 1,276,648.49 0.39Lbtya 6.625%11-01.07.20 200,000 USD 168,723.95 173,525.04 0.05Lear Corp 8.125% 10-15.03.20 1,000,000 USD 820,731.43 869,690.96 0.27Level 3 Fin 8.625% 15.07.20 3,442,000 USD 2,981,604.33 3,068,135.43 0.94Level 3 Fin 9.375% 11-01.04.19 2,000,000 USD 1,715,060.09 1,743,513.47 0.54Limited Brands 8.5% 09-15.06.19 3,650,000 USD 3,405,276.95 3,573,996.03 1.10Lin Tele Corp 8.375%10-15.04.18 1,500,000 USD 1,237,731.52 1,296,199.80 0.40Lundin Min 7.5% 14-01.11.20 1,750,000 USD 1,405,374.24 1,431,581.56 0.44Marfrig Hld 8.375%11-09.05.18 500,000 USD 418,564.69 406,957.53 0.13Matterhorn 6.75% 12-15.05.19 538,000 CHF 469,565.60 469,457.98 0.14Mb Int 8.25% 15.10.18 1,643,000 USD 1,348,593.00 1,350,838.70 0.42Medassets Inc 8% 11-15.11.18 1,500,000 USD 1,251,198.75 1,289,043.13 0.40Medi-Part 7% 13-15.05.20 Regs 500,000 EUR 527,500.00 528,750.00 0.16Meif II En 7.875% 12-01.10.20 400,000 EUR 440,500.00 441,480.01 0.14Mgm Mirage 7.625% 06-15.01.17 250,000 USD 206,449.44 222,587.18 0.07Mgm Resorts 10% 01.11.16 144a 1,000,000 USD 863,240.35 919,269.54 0.28Mgm Resorts 8.625% 12-01.02.19 3,900,000 USD 3,503,689.22 3,653,631.63 1.12Motor 9.125% 12-01.05.19 144a 1,500,000 USD 1,240,798.03 1,301,437.78 0.40Mtr Gaming 11.5% 12-01.08.19 2,555,296 USD 2,208,241.72 2,285,661.81 0.70Navient 5% 14-26.10.20 150,000 USD 119,371.70 121,622.46 0.04Ncl 5.25% 14-15.11.19 800,000 USD 640,512.41 666,005.62 0.21Ncsg Acqstn 9.5% 14-15.08.19 700,000 USD 534,461.49 491,654.27 0.15New Gold 7% 12-15.04.20 144a 650,000 USD 526,823.43 537,906.97 0.17Newfield Expl 6.875% 01.02.20 3,000,000 USD 2,478,277.78 2,516,113.04 0.77Nh Hoteles 6.875% 13-15.11.19 300,000 EUR 324,690.00 321,674.99 0.10Norcell Swed 10.75% 11-29.09.19 1,700,000 EUR 1,235,325.00 1,226,550.00 0.38Novalis Sas 6% 13-15.06.18 200,000 EUR 211,000.00 208,769.00 0.06Nrg Energy 7.625% 11-15.01.18 2,100,000 USD 1,808,700.06 1,904,437.28 0.59Numericable Gp 4.875% 15.05.19 1,250,000 USD 995,207.16 1,023,849.36 0.32Nxp 3.75%13-01.06.18 144a 5,482,000 USD 4,219,225.77 4,529,829.78 1.39Onemain Fin 6.75% 14-15.12.19 1,050,000 USD 854,144.64 884,977.69 0.27Ono Fin Ii 10.875% 11-15.07.19 1,775,000 USD 1,485,184.25 1,554,701.70 0.48Pac Rubial 5.375% 13-26.01.19 600,000 USD 469,558.21 427,119.49 0.13Pacific Rubi 7.25% 11-12.12.21 500,000 USD 427,717.26 359,444.72 0.11Paperworks 9.5% 14-15.08.19 1,000,000 USD 826,175.14 826,309.70 0.25Peabody Ene 6%12-15.11.18 500,000 USD 380,995.51 374,938.03 0.12Petco Hldgs 8.5%12-15.10.17-Pik 2,700,000 USD 2,135,077.88 2,264,501.74 0.70

UBI SICAV

146




(expressed in EUR)


Quantity


assets

Picard Grpe Frn 13-01.08.19 700,000 EUR 705,500.00 705,250.00 0.22Pinnacle Ent 8.75% 10-15.05.20 2,550,000 USD 2,114,302.09 2,217,711.95 0.68Play Fin 2 5.25% 14-01.02.19 200,000 EUR 204,220.00 207,000.00 0.06Play Fin 2 6.5% 14-01.08.19 1,150,000 EUR 1,196,937.50 1,219,000.00 0.38Polyone Corp 7.375% 10-15.09.20 2,690,000 USD 2,276,898.03 2,364,474.88 0.73Prigrp 8.875% 11-15.02.19 750,000 GBP 978,327.04 995,104.37 0.31Qgog Atl 5.25% 11-30.07.18 /Pool 1,000,000 USD 428,848.58 411,269.83 0.13R&R Ice Cre 4.75% 14-15.05.20 800,000 EUR 796,095.00 801,000.00 0.25Range Resources 6.75% 01.08.20 400,000 USD 319,665.40 343,744.84 0.11Rexel 5.125% 13-15.06.20 Regs 250,000 EUR 265,625.00 268,100.00 0.08Rexel Inc 6.125%12-15.12.19 400,000 USD 311,612.61 340,439.60 0.10Reynolds Gp 7.785% 12-15.08.19 700,000 USD 554,515.46 609,506.69 0.19Reynolds Grp 9.875% 12-15.08.19 2,000,000 USD 1,712,709.38 1,751,776.57 0.54Rhino Bondc 7.25% 13-15.11.20 475,000 EUR 475,000.00 486,257.51 0.15Rhino Bondc Frn 13-15.12.19 400,000 EUR 396,000.00 393,180.00 0.12Rockies Exp 6%13-15.01.19 144a 250,000 USD 205,933.63 207,093.87 0.06Rpg Byty 6.75% 13-01.05.20 Regs 200,000 EUR 208,000.00 206,039.99 0.06Safway Group 7%13-15.05.18 144a 1,300,000 USD 1,015,521.61 1,020,492.48 0.31Sally Hldgs 6.875% 12-15.11.19 1,150,000 USD 954,761.92 1,009,647.17 0.31Schaeff 6.25% 14-15.11.19 /Pik 350,000 USD 274,919.49 297,884.65 0.09Schaeff Fin 6.875% 15.08.18 /Pik 1,350,000 EUR 1,417,050.00 1,404,000.00 0.43Scot Mirc 6.625% 11-15.12.20 500,000 USD 415,724.42 434,845.48 0.13Sealed Air 8.375% 15.09.21 144a 690,000 USD 607,575.22 637,146.75 0.20Sensata Tec 6.5% 11-15.05.19 4,300,000 USD 3,544,950.08 3,686,374.15 1.13Service Corp 7.625% 06-01.10.18 1,000,000 USD 906,496.22 921,665.85 0.28Service Corp Int 7% 05-15.06.17 1,850,000 USD 1,580,384.44 1,643,323.42 0.51Servus Lux 7.75% 13-15.06.18 400,000 EUR 344,749.64 342,245.34 0.11Slm 8.45% 08-15.06.18 400,000 USD 343,588.59 368,534.13 0.11Smithfield Fd 7.75% 01.07.17 1,000,000 USD 885,043.76 911,006.45 0.28Smurfit Kap 3.25% 14-01.06.21 268,000 EUR 268,000.00 279,657.99 0.09Smurfit Kap 4.125% 13-30.01.20 550,000 EUR 589,125.00 594,000.00 0.18Sophia 9.75% 12-15.01.19 1,305,000 USD 1,116,808.87 1,151,121.72 0.35Spie Bondco3 11% 12-15.08.19 500,000 EUR 552,500.00 555,000.00 0.17Sprint Cap. 6.9% 99-01.05.19 1,200,000 USD 1,001,518.65 1,011,403.07 0.31Sprint Nex 9% 11-15.11.18 144a 5,300,000 USD 4,809,919.13 4,981,176.57 1.53Spx 6.875% 10-01.09.17 2,000,000 USD 1,752,177.74 1,805,486.70 0.56Standard Pac 8.375% 10-15.05.18 1,850,000 USD 1,701,712.15 1,727,400.43 0.53Starz 5% 12-15.09.19 500,000 USD 393,238.82 416,253.51 0.13Steel Dyn 6.125% 13-15.08.19 2,600,000 USD 2,179,993.28 2,255,825.48 0.69Stonegate P 5.75% 14-15.04.19 1,000,000 GBP 1,252,181.24 1,266,906.32 0.39Stretford Frn 14-15.07.20 150,000 GBP 187,287.16 151,932.15 0.05Sungard 7.375% 11-15.11.18 3,065,000 USD 2,526,722.49 2,633,944.80 0.81Sungard 7.625% 11-15.11.20 144a 1,900,000 USD 1,571,647.89 1,664,187.74 0.51Sunrise Com 8.5% 10-31.12.18 950,000 EUR 998,035.00 988,000.00 0.30Taminco Gl 9.75% 31.03.20 144a 5,000,000 USD 4,317,546.62 4,524,045.61 1.39Taymor/Mon 4.75% 15.04.20 144a 2,850,000 USD 2,464,004.40 2,496,281.61 0.77Tbg Global 4.625% 03.04.18 Regs 950,000 USD 743,660.95 775,181.79 0.24Tele Fin III 6.625% 11-15.02.21 500,000 EUR 534,500.00 530,000.00 0.16Telecom Italia 6.375% 04-24.06.19 950,000 GBP 1,306,234.43 1,344,988.91 0.41Telenet Fin Frn 11-15.06.21 500,000 EUR 506,250.00 500,250.00 0.15Telesat Cda 6% 12-15.05.17 5,000,000 USD 4,098,823.86 4,214,179.47 1.30Tembec 9% 14-15.12.19 50,000 USD 39,062.50 40,644.11 0.01Tenet Hlthc 6.25% 11-01.11.18 2,500,000 USD 2,093,400.79 2,241,365.06 0.69Terex 6.5% 12-01.04.20 1,500,000 USD 1,264,684.73 1,282,845.81 0.40Tesoro 5.5% 14-15.10.19 650,000 USD 513,103.88 533,073.05 0.16Thom Europe 7.375% 14-15.07.19 500,000 EUR 472,125.00 475,000.00 0.15Titan Gbl 4.25% 14-10.07.19 500,000 EUR 491,000.00 475,000.00 0.15Titan Luxco 7.375% 13-15.05.20 400,000 EUR 417,000.00 417,399.99 0.13Tnetbb 6.375% 10-15.11.20 1,000,000 EUR 1,057,000.00 1,050,540.01 0.32Toma 8.875% 13-15.12.17 3,050,000 USD 2,440,582.31 2,570,649.48 0.79

UBI SICAV

147




(expressed in EUR)


Quantity


assets

Transunion 8.125% 15.06.18 /Pik 1,150,000 USD 923,328.02 974,012.56 0.30Transunion 9.625% 15.06.18 Pik 3,650,000 USD 2,992,389.48 3,084,795.87 0.95Turkiy Is B 5% 14-30.04.20 600,000 USD 471,163.64 505,081.80 0.16Tvn Fi III 7.375% 13-15.12.20 800,000 EUR 880,000.00 884,000.00 0.27Unifrax 7.5% 13-15.02.19 1,000,000 USD 794,691.77 813,915.06 0.25Unitymedia 7.5% 12-15.03.19 925,000 USD 784,055.38 805,419.56 0.25UnityMedia 9.5% 12-15.03.21 1,196,000 EUR 1,348,490.00 1,336,530.00 0.41Univision C 6.875% 15.05.19 144a 3,500,000 USD 2,948,513.24 3,011,382.42 0.93Upcb Fin 6.375% 11-01.07.20 975,000 EUR 1,027,343.75 1,021,312.50 0.31Us Coating Acq 7.375% 13-01.05.21 4,400,000 USD 3,825,522.34 3,853,908.44 1.19Us Concr 8.5% 14-01.12.18 2,800,000 USD 2,364,530.71 2,417,782.18 0.74Us Steel Corp.7% 07-01.08.08 1,086,000 USD 962,966.38 951,214.68 0.29Utd Rentals 5.75% 12-15.07.18 400,000 USD 310,498.88 344,571.15 0.11Utd Rentals 7.375% 12-15.05.20 /Wi 5,564,000 USD 4,783,280.63 4,965,394.15 1.53Utd Rentals 8.375% 10-15.09.20 1,000,000 USD 865,100.30 886,217.15 0.27Uvn 7.875% 10-01.11.20 2,350,000 USD 1,976,691.73 2,068,046.60 0.64Vedanta Res 6.75% 11-07.06.16 200,000 USD 157,209.16 170,632.95 0.05Vedanta Resour 9.5% 08-18.07.18 750,000 USD 690,182.21 665,902.33 0.21Vimpelcom (Ubs) 8.25% 23.05.16 200,000 USD 166,706.36 159,279.46 0.05Vimpelcom 6.2546% 11-01.03.17 200,000 USD 150,011.23 149,562.06 0.05Vip Fin 9.125% 08-18 Regs 150,000 USD 120,877.27 115,171.05 0.04Voyage Care 6.5% 13-01.08.18 650,000 GBP 849,615.65 853,422.79 0.26Vpii Escrow 6.75% 13-15.08.18 144a 3,850,000 USD 3,195,454.90 3,384,163.33 1.04Vpii Escrow 7.5% 13-15.07.21 144a 300,000 USD 244,918.55 267,724.34 0.08William H 4.25% 13-05.06.20 950,000 GBP 1,182,979.50 1,187,040.36 0.37Wind Acq 4% 14-15.07.20 400,000 EUR 396,000.00 392,380.00 0.12Wind Acq 6.5% 13-30.04.20 144a 400,000 USD 318,599.96 337,960.67 0.10Wind Acq Frn 14-15.07.20 350,000 EUR 351,750.00 334,250.00 0.10Windstream 7.875% 10-01.11.17 1,000,000 USD 891,859.54 894,480.25 0.28Wireco World 9.5% 12-15.05.17 650,000 USD 517,945.43 541,129.57 0.17Ypfdar 8.875% 13-19.12.18 1,250,000 USD 1,018,878.17 1,068,108.62 0.33Zayo 8.125% 12-01.01.20 1,434,000 USD 1,192,735.96 1,256,023.80 0.39Zayo 10.125% 12-01.07.20 1,927,000 USD 1,739,875.83 1,794,202.28 0.55

309,764,259.98 318,730,466.83 98.12



UBI SICAV

148




(expressed in EUR)






Miscellaneous 12.98

Communications 11.06

Leisure 6.34



Other services 4.32





Chemicals 2.12

Petrol 1.95

Retail 1.93

















Consumer goods 0.37

Insurance 0.33

Transportation 0.28

Environmental Services and Recycling 0.26





100.00



Luxembourg 7.83

Great Britain 6.14

Netherlands 4.00

Canada 2.89

France 1.44

Sweden 1.27

Italy 1.22

Cayman Islands 0.95

Germany 0.87

Ireland 0.79

Bermuda 0.47

Australia 0.46

Argentina 0.33

Croatia 0.28

Singapore 0.24

Spain 0.22

Turkey 0.16

British Virgin Islands 0.13

Austria 0.09

White Russia 0.08

Czech Republic 0.06


100.00


UBI SICAV

149

Notes to the Financial Statementsas at December 31, 2014

Note 1 – General

UBI SICAV (the "SICAV") is an open-ended investment fund incorporated on March 27, 1991 under Luxembourg laws as a "Societed’Investissement a capital variable" for an unlimited period of time. The SICAV is governed by the provisions of Part I of the Luxembourgamended Law of December 17, 2010 ("UCITS IV") relating to undertakings for collective investment (the "Law"). Its articles ofincorporation were last amended on April 23, 2010, with a publication in the Memorial on June 25, 2010.

The SICAV is an open-ended investment company with multiple sub-funds, i.e. it is composed of several sub-funds separately invested inaccordance with their respective investment policies and objectives.

This structure offers investors the advantage of being able to choose between different sub-funds and to move without cost from one sub-fund to another.

The SICAV is managed by UBI Management Company S.A. as its designated Management Company governed by the Chapter 15 of theLaw.

As from April 23, 2010 the name of the SICAV has changed from "The Sailor’s Fund" to "UBI SICAV".

The objective of the SICAV is to offer its shareholders easy access to the various investment markets, while abiding by the principle of thespreading of risks. In principle, all the securities acquired are quoted on an official stock exchange or traded on a regulated, recognisedmarket which operates legitimately and is open to the public.

The SICAV’s sole purpose shall be the investment of its assets in transferable securities and money market instruments of all kinds and/orin other assets referred to under part I of the amended law of December 17, 2010 relating to undertakings for collective investment, with aview to spreading investment risks and enabling its shareholders to benefit from the results of its management. The SICAV undertakes tocomply with the investment limits as described in Part I of the Law.

In the context of its objectives, the SICAV will be able to offer a choice of several sub-funds, which are managed and administeredseparately. The investment objectives and policies to be pursued in each sub-fund are described in each of the supplements relating toeach sub-fund in the prospectus. In the context of its investments, the assets of a specific sub-fund are only liable for the debts, liabilitiesand obligations relating to this sub-fund. Each sub-fund is treated as a separate entity between shareholders.

All sub-funds are denominated in Euro and all assets and liabilities of each sub-fund are valued in Euro. As at December 31, 2014,27 sub-funds were active:

UBI SICAV - Euro Fixed IncomeUBI SICAV - Euro EquityUBI SICAV - USA EquityUBI SICAV - Asia Pacific EquityUBI SICAV - Emerging Markets EquityUBI SICAV - Global EquityUBI SICAV - Euro Corporate BondUBI SICAV - High Yield BondUBI SICAV - Short Term EURUBI SICAV - Euro Liquidity (1)

UBI SICAV - Active BetaUBI SICAV - Global Corporate BondUBI SICAV - Euro Corporate Short TermUBI SICAV - Euro Equity High DividendUBI SICAV - Emerging Markets BondUBI SICAV - Global Dynamic AllocationUBI SICAV - Cedola Certa 2012-2015UBI SICAV - Beta NeutralUBI SICAV - Long/Short EuroUBI SICAV - Cedola Certa 2013-2016UBI SICAV - Protezione e Crescita 2017UBI SICAV - Cedola Certa 2013-2017UBI SICAV - Focus ItaliaUBI SICAV - Cedola Mercati EmergentiUBI SICAV - Protezione Mercati EmergentiUBI SICAV - Multiasset Europe 50UBI SICAV - Global High Yield Euro Hedged (1)

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Note 1 – General (continued)

On October 31, 2014, the following sub-funds merged into the sub-fund UBI SICAV - Euro Liquidity.

UBI SICAV - Euro Balanced Risk Controlled (1)

UBI SICAV - Active Duration (1)

UBI SICAV - Total Return Defensive (1)

The Board of Directors of the SICAV may issue one or more share classes for each sub-fund. The cost structures, the minimum providedfor the initial investment, the currency in which the net asset value is expressed and the eligible investor categories may differ dependingon the different share classes. The different classes may also be differentiated on the basis of other objective factors as determined by theBoard of Directors of the SICAV.

Class ‘‘S’’ shares are closed to subscriptions since May 15, 2010. Notwithstanding the foregoing Class ‘‘S’’ shares shall still be entitled tobe converted into Class ‘‘S’’ shares of another sub-fund after May 15, 2010. Class ‘‘S’’ shares shall be automatically converted into Class‘‘R’’ shares of the sub-fund on May 15, 2015 or such other date as decided by the Board of Directors of the SICAV at its discretion.

The sub-funds offer the following share classes categories which differ mainly in respect of different fees, commissions and distributionpolicies:

Class A

retail and

institutional

investors

Class B

retail and

institutional

investors

Class D

retail and

institutional

investors

Class I

retail and

institutional

investors

Class R

retail and

institutional

investors

Class S

retail and

institutional

investors

UBI SICAV - Euro Fixed Income - - - x x xUBI SICAV - Euro Equity - - x x x xUBI SICAV - USA Equity - - x x x xUBI SICAV - Asia Pacific Equity - - x x x xUBI SICAV - Emerging Markets Equity - - x x x xUBI SICAV - Global Equity - - x x x x(2)

UBI SICAV - Euro Corporate Bond - - x x x xUBI SICAV - High Yield Bond x - x x x xUBI SICAV - Short Term EUR - - - x x x(2)

UBI SICAV - Euro Liquidity (1) - - - x x xUBI SICAV - Active Beta - - - x x(2) -UBI SICAV - Global Corporate Bond - - x x x -UBI SICAV - Euro Corporate Short Term - - x x x xUBI SICAV - Euro Equity High Dividend - - x x x xUBI SICAV - Emerging Markets Bond - - x x x -UBI SICAV - Global Dynamic Allocation x x x x x -UBI SICAV - Cedola Certa 2012-2015 - - - - x -UBI SICAV - Beta Neutral - - - x x(2) -UBI SICAV - Long/Short Euro - - - x x(2) -UBI SICAV - Cedola Certa 2013-2016 - - - - x -UBI SICAV - Protezione e Crescita 2017 - - - - x -UBI SICAV - Cedola Certa 2013-2017 - - - - x -UBI SICAV - Focus Italia - - - - x -UBI SICAV - Cedola Mercati Emergenti - - - - x -UBI SICAV - Protezione Mercati Emergenti - - - - x -UBI SICAV - Multiasset Europe 50 x - - - - -UBI SICAV - Global High Yield Euro Hedged (1) - - x(2) x x -

A prospectus and a KIID are available free of charge on request from the SICAV’s registered office.

The investment objectives and policies to be pursued in each sub-fund are described in each of the supplements relating to each sub-fundin the prospectus.

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Notes to the Financial Statements (continued)as at December 31, 2014

(1)refer to Note 19(2)The share-class is not active

Note 2 – Significant Accounting Policies

a) Presentation of the financial statements

The financial statements are prepared in accordance with Luxembourg legal and regulatory requirements relating to undertakings forcollective investments. The financial statements reflect the Net Asset Value as calculated on December 31, 2014 based on market pricesof the investment and with generally accepted accounting principles as at December 31, 2014.

b) Investments in securities and money market instruments

The value of all portfolio securities and money market instruments that are listed on an official stock exchange or traded on any otherregulated market are based on the last available price on the principal market on which such securities or money market instruments aretraded, as furnished by a recognised pricing service approved by the Board of Directors of the SICAV. If such prices are notrepresentative of the fair value, such securities, money market instruments as well as other permitted assets, the value of such securitiesis defined by the Board of Directors of the SICAV based on the reasonably foreseeable sale proceeds determined prudently and in goodfaith.

The value of securities and money market instruments which are not quoted or dealt in on any regulated market are based on the lastavailable price, unless such price is not representative of their true value; in this case, they may be valued at a fair value at which it isexpected that they may be resold, as determined prudently and in good faith by and under the direction of the Board of Directors of theSICAV.

c) Valuation of other assets

The value of any cash in hand or on deposits, discount notes, bills and demand notes and accounts receivable, prepaid expenses, cashdividends and interest declared or accrued as aforesaid and not yet received, are deemed the full amount thereof, unless in any case thesame is unlikely to be paid or received in full, in which case the value thereof are arrived at after making such discount as the Board ofDirectors of the SICAV may consider appropriate in such case to reflect the true value thereof.

d) Valuation of derivatives

- Swaps Transactions

The SICAV may enter into Interest Rate Swaps (IRS), Credit Default Swaps (CDS) and Total Return Swaps (TRS). Interest Rate Swapsare valued on the basis of their market value established by reference to the applicable interest rate curve. Credit Default Swaps arevalued by reference to the net present value of the expected future cash flows based on the market interest rates and the marketsexpected default and recovery rate of the underlying asset. Total Return Swaps are valued by reference to the mark to market valuebased on the market value of the underlying asset. The estimated market value is based on the valuation elements laid down in thecontracts, and is obtained from third parties pricing agents, market makers or internal models. The net movement in the unrealisedappreciation/(depreciation) arising on swap transactions is recorded in the Statement of Operations and Changes in Net Assets.

- Swaptions

The value of a swaption is determined by a comparison between the discounted future flows on the value of the annual premium paid bythe protection buyer, and the current value of the expected losses on the reference asset if credit events specified in the swap contractshould occur. The net movement in the unrealised gain or (loss) arising on swaptions transactions is recorded in the Statement ofOperations and Changes in Net Assets.

- Options trades

Options traded on a regulated market are valued at the market price on the valuation date. OTC options are valued based on pricesreceived from third party pricing agents/models. Unrealised gains or losses arising at the time of reporting from the valuation of optionstrades are taken into account in the Statement of Operations and Changes in Net Assets.

e) Valuation of forward foreign exchange contracts

Unrealised profit/(loss) resulting from outstanding forward foreign exchange contracts is determined on the valuation date on the basis ofthe forward rates applicable on that date and is recorded in the Statement of Net Assets.

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Note 2 – Significant Accounting Policies (continued)

f) Valuation of futures contracts

Futures contracts are valued using quoted daily settlement prices established by the stock exchange on which they are traded. TheSICAV and the broker agree to exchange an amount of cash equal to the daily fluctuations in the value of the futures contract (the‘‘variation margin’’). For open futures, changes in the value of the contract are recognised as unrealised profit/(loss) are recorded in theStatement of Net Assets. When the contract is closed, the difference between the proceeds (or cost) of the closing transactions and theoriginal transaction is recorded as a realised gain or loss in the Statement of Operations and Changes in Net Assets.

g) Dividend and interest income

Dividend are shown net of withholding tax deducted at source, and are recorded as income on the ex-dividend date. Interest income isaccrued on a daily basis.

h) Contract for Differences

At each valuation date the difference between the opening price and the current market price of the underlying security to the contract ofdifference is recorded as the market value (unrealised profit/(loss)) of the contract. When the sub-fund enters a closing transaction, thedifference between the opening notional amount and the closing notional amount of the underlying security is recorded as a realisedprofit/(loss) in the Statement of Operation and Changes in Net Assets.

i) Foreign currency translation for each sub-fund

The accounts are maintained in Euro and the financial statements are expressed in that currency. Assets and liabilities expressed incurrencies other than the sub-fund’s currency are translated into the sub-fund’s currency at the exchange rates applicable as at year end.Income and expenses in currencies other than the sub-fund’s currency are translated into the sub-fund’s currency at the exchange ratesapplicable at the transaction date.

Applicable exchange rates used as at December 31, 2014 are:

EUR 1 = AED 4.445195 EUR 1 = IDR 14994.424483 EUR 1 = QAR 4.407202EUR 1 = AUD 1.479100 EUR 1 = ILS 4.711699 EUR 1 = RON 4.484897EUR 1 = BRL 3.218198 EUR 1 = INR 76.401515 EUR 1 = RUB 72.793985EUR 1 = CAD 1.401900 EUR 1 = JPY 145.115048 EUR 1 = SEK 9.476380EUR 1 = CHF 1.202500 EUR 1 = KRW 1329.890110 EUR 1 = SGD 1.604000EUR 1 = CLP 735.236938 EUR 1 = MXN 17.840348 EUR 1 = THB 39.827552EUR 1 = CNY 7.508096 EUR 1 = MYR 4.233304 EUR 1 = TRY 2.829798EUR 1 = COP 2874.584323 EUR 1 = NGN 221.607764 EUR 1 = TWD 38.246634EUR 1 = DKK 7.446881 EUR 1 = NOK 9.076523 EUR 1 = USD 1.210200EUR 1 = EGP 8.653124 EUR 1 = NZD 1.548800 EUR 1 = UYU 29.444539EUR 1 = GBP 0.776300 EUR 1 = PEN 3.603995 EUR 1 = ZAR 14.006620EUR 1 = HKD 9.385615 EUR 1 = PHP 54.145228EUR 1 = HUF 316.089702 EUR 1 = PLN 4.299494

j) Realised gains and losses on sales of investments in securities

Investments in securities are accounted for on a trade date basis. Realised gains and losses on sales of investments in securities arebased on the average cost basis.

k) Valuation of securities lending

The SICAV may lend securities included in its portfolio to a borrower through a third party broker; the assets continue to be valued as partof the portfolio of the SICAV. If the prices of securities lent are not representative of their fair value, all such securities will be valued attheir fair value at which it is expected they may be resold as determined in good faith by or under the direction of the Directors. Securitieslending generates additional income for the SICAV according to the contracts; the remuneration is recorded as "Income from SecuritiesLending" in the Statement of Operations and Changes in Net Assets.

l) Unrealized capital gain tax on investments

Accrued at each NAV calculation a capital gains tax on Indian securities payable when selling a stock with a profit.

The currency used to calculate the tax is Indian Rupee (INR). The capital gain tax calculation is as follows:Tax% * (Market Value in security currency - Book cost in security currency) * Exchange rate of the day

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m) Start-up fees

On the first valuation day of the following sub-funds a start-up fee was charged to its shareholders as follows :

High Yield Bond 2.60% (applicable to Class A shares only) after 05/04/2013Global Dynamic Allocation 3.00% (applicable to Class A shares only) after 11/01/2013Global Dynamic Allocation 3.00% (applicable to Class B shares only) after 11/01/2013Cedola Certa 2012-2015 2.60% after 09/12/2011Cedola Certa 2013-2016 2.60% after 16/03/2012Protezione e Crescita 2017 2.70% after 11/05/2012Cedola Certa 2013-2017 2.70% after 19/10/2012Focus Italia 1.85% after 13/07/2012Cedola Mercati Emergenti 2.95% after 13/07/2012Protezione Mercati Emergenti 3.00% after 17/05/2013Multiasset Europe 50 2.70% (applicable to Class A shares only) after 18/10/2013

The fee has been calculated on the Initial Price multiplied by the number of shares outstanding on the first Valuation Day. This fee coversthe activity of the sales intermediary which is mostly concentrated in the start-up phase due to the structure of the sub-fund for whichrequests for subscriptions in this sub-fund received after the initial subscription period or after the extension of the initial subscriptionperiod will not be considered.

Such fee has been recorded as an asset in the Statement of Net Assets under the caption Capitalized Start-up fees and is amortized overa 5-year period (2-year period for Protezione e Crescita 2017, 4-year period for Focus Italia, 6-year period for Cedola Certa 2013-2017).This asset was reduced during the year by a part of the redemption fee described below, corresponding to the unamortized fraction of thestart-up fee related to the redeemed shares. The amortization of the start-up fees is recorded in the Statement of Operation and Changein Net Assets under the caption "Start-up fees amortization".

A redemption fee payable to the sub-funds will be applied, calculated on the redeemed shares multiplied by the Initial Price and at thefollowing rates:

For High Yield Bond (applicable to Class A shares only)- 2.60% from 09/04/2013 to (and including) 08/04/2014;- 2.08% from 09/04/2014 to (and including) 08/04/2015;- 1.56% from 09/04/2015 to (and including) 08/04/2016;- 1.04% from 09/04/2016 to (and including) 08/04/2017;- 0.52% from 09/04/2017 to (and including) 08/04/2018;- zero from 09/04/2018.

For Global Dynamic Allocation (applicable to Class A shares only)- 3.00% from 15/01/2013 to (and including) 14/01/2014;- 2.40% from 15/01/2014 to (and including) 14/01/2015;- 1.80% from 15/01/2015 to (and including) 14/01/2016;- 1.20% from 15/01/2016 to (and including) 14/01/2017;- 0.60% from 15/01/2017 to (and including) 14/01/2018;- zero from 15/01/2018.

For Global Dynamic Allocation (applicable to Class B shares only)- 3.00% from 23/07/2013 to (and including) 22/07/2014;- 2.40% from 23/07/2014 to (and including) 22/07/2015;- 1.80% from 23/07/2015 to (and including) 22/07/2016;- 1.20% from 23/07/2016 to (and including) 22/07/2017;- 0.60% from 23/07/2017 to (and including) 22/07/2018;- zero from 23/07/2018.

For Cedola Certa 2012-2015- 2.6% from 13/12/2011 to (and including) 12/12/2012;- 2.1% from 13/12/2012 to (and including) 12/12/2013;- 1.6% from 13/12/2013 to (and including) 12/12/2014;- 1.0% from 13/12/2014 to (and including) 12/12/2015;- 0.5% from 13/12/2015 to (and including) 08/12/2016;- zero from 09/12/2016.

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For Cedola Certa 2013-2016:- 2.6% from 20/03/2012 to (and including) 19/03/2013;- 2.1% from 20/03/2013 to (and including) 19/03/2014;- 1.6% from 20/03/2014 to (and including) 19/03/2015;- 1.0% from 20/03/2015 to (and including) 19/03/2016;- 0.5% from 20/03/2016 to (and including) 16/03/2017;- zero from 17/03/2017.

For Protezione e Crescita 2017:- maximum 3.95% from 18/05/2012 to (and including) 17/05/2013;- maximum 2.35% from 18/05/2013 to (and including) 17/05/2014;- maximum 0.75% from 18/05/2014 to (and including) 17/05/2015;- maximum 0.50% from 18/05/2015 to (and including) 03/08/2017;- zero from 04/08/2017.

For Cedola Certa 2013-2017:- maximum 2.70% from 23/10/2012 to (and including) 22/10/2013;- maximum 2.25% from 23/10/2013 to (and including) 22/10/2014;- maximum 1.80% from 23/10/2014 to (and including) 22/10/2015;- maximum 1.35% from 23/10/2015 to (and including) 22/10/2016;- maximum 0.90% from 23/10/2016 to (and including) 22/10/2017;- maximum 0.45% from 23/10/2017 to (and including) 18/10/2018;- zero from 19/10/2018.

For Focus Italia:- 1.85% from 17/07/2012 to (and including) 16/07/2013;- 1.39% from 17/07/2013 to (and including) 16/07/2014;- 0.93% from 17/07/2014 to (and including) 16/07/2015;- 0.47% from 17/07/2015 to (and including) 16/07/2016;- zero from 17/07/2016.

For Cedola Mercati Emergenti:- 2.95% from 17/07/2012 to (and including) 16/07/2013;- 2.36% from 17/07/2013 to (and including) 16/07/2014;- 1.77% from 17/07/2014 to (and including) 16/07/2015;- 1.18% from 17/07/2015 to (and including) 16/07/2016;- 0.60% from 17/07/2016 to (and including) 16/07/2017;- zero from 17/07/2017.

For Protezione Mercati Emergenti- maximum 3.35% from 21/05/2013 to (and including) 20/05/2014;- maximum 2.75% from 21/05/2014 to (and including) 20/05/2015;- maximum 2.15% from 21/05/2015 to (and including) 20/05/2016;- maximum 1.55% from 21/05/2016 to (and including) 20/05/2017;- maximum 0.95% from 21/05/2017 to (and including) 20/05/2018;- 0.20% from 21/05/2018 (included).

For Multiasset Europe 50- 2,70% from 22/10/2013 to (and including) 21/10/2014;- 2,16% from 22/10/2014 to (and including) 21/10/2015;- 1,62% from 22/10/2015 to (and including) 21/10/2016;- 1,08% from 22/10/2016 to (and including) 21/10/2017;- 0,54% from 22/10/2017 to (and including) 21/10/2018;- Zero from 22/10/2018.

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Note 3 – Management and Distribution Fees

By way of remuneration for the management and distribution services, as described in Part III, point V of the prospectus, the ManagementCompany will charge each sub-fund a management fee, calculated and accrued daily on the total net assets of the sub-funds and payablequarterly in arrears. On December 31, 2014, the management fees rate are described in the below table :

Sub-fundCLASS "A"(Annual rateapplicable)

CLASS "B"(Annual rateapplicable)

CLASS "D"(Annual rateapplicable)

CLASS "I"(Annual rateapplicable)

CLASS "R"(Annual rateapplicable)

CLASS "S"(Annual rateapplicable)

UBI SICAV - Euro Fixed Income - - - 0.30% 1.00% 0.50%

UBI SICAV - Euro Balance Risk Control (1) - - - 0.50% 1.65% 0.80%

UBI SICAV - Euro Equity - - 1.50% 0.65% 2.00% 1.00%

UBI SICAV - USA Equity - - 1.50% 0.65% 2.00% 1.00%

UBI SICAV - Asia Pacific Equity - - 1.50% 0.65% 2.00% 1.00%

UBI SICAV - Emerging Markets Equity - - 1.50% 0.65% 2.00% 1.00%

UBI SICAV - Global Equity - - 1.50% 0.65% 2.00% 1.00%

UBI SICAV - Euro Corporate Bond - - 0.90% 0.35% 1.20% 0.60%

UBI SICAV - High Yield Bond 0.77% - 1.25% 0.45% 1.40% 1.00%

UBI SICAV - Short Term EUR - - - 0.25% 0.85% 0.45%

UBI SICAV - Euro Liquidity (1) - - - 0.20% 0.60% 0.25%

UBI SICAV - Active Duration (1) - - - 0.25% 0.80% 0.40%

UBI SICAV - Active Beta - - - 0.30% 0.95% -

UBI SICAV - Global Corporate Bond - - 1.20% 0.45% 1.20% -

UBI SICAV - Euro Corporate Short Term - - 0.70% 0.25% 0.90% 0.45%

UBI SICAV - Total Return Defensive (1) - - 0.50% 0.25% 0.80% 0.40%

UBI SICAV - Euro Equity High Dividend - - 1.50% 0.65% 2.00% 1.00%

UBI SICAV - Emerging Markets Bond - - 1.25% 0.50% 1.50% -

UBI SICAV - Global Dynamic Allocation 0.90% 1.00% 1.40% 0.60% 1.70% -

UBI SICAV - Cedola Certa 2012-2015 - - - - 0.50% -

UBI SICAV - Beta Neutral - - - 0.40% 1.00% -

UBI SICAV - Long/Short Euro - - - 0.65% 2.00% -


UBI SICAV - Protezione e Crescita 2017 - - - - 0.60% -


UBI SICAV - Focus Italia - - - - 0.30% -

UBI SICAV - Cedola Mercati Emergenti - - - - 0.70% -

UBI SICAV - Protezione Mercati Emergenti - - - - 0.77% -

UBI SICAV - Multiasset Europe 50 1.06% - - - - -

UBI SICAV - Global High Yield Euro Hedged (1) - - 1.15% 0.42% 1.30% -

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Note 3 – Management and Distribution Fees (continued)

The management rates of several classes will change on the dates below :

UBI SICAV - High Yield Bond- Class ‘‘A’’ shares:- from 09/04/2018 calculated daily on the total net assets of the share class and payable quarterly in arrears: maximum 1.40% p.a..

UBI SICAV - Global Dynamic Allocation- Class ‘‘A’’ shares:- from 15/01/2018 calculated daily on the total net assets of the share class and payable quarterly in arrears: maximum 1.70% p.a..- Class "B" shares:- from 23/07/2018 calculated daily on the total net assets of the share class and payable quarterly in arrears: maximum 1.70% p.a..

UBI SICAV - Cedola Certa 2012-2015Class ‘‘R’’ shares:- as from 09/12/2016 calculated daily on the total net assets of the sub-fund and payable quarterly in arrears: maximum 0.60% p.a.

UBI SICAV - Cedola Certa 2013-2016Class ‘‘R’’ shares:- as from 17/03/2017 calculated daily on the total net assets of the sub-fund and payable quarterly in arrears: maximum 0.60% p.a.

UBI SICAV - Protezione e Crescita 2017Class ‘‘R’’ shares:- from 07/08/2017 calculated daily on the total net assets of the sub-fund and payable quarterly in arrears: maximum 0.60% p.a.

UBI SICAV - Cedola Certa 2013-2017Class ‘‘R’’ shares:- as from 19/10/2018 calculated daily on the total net assets of the sub-fund and payable quarterly in arrears: maximum 0.60% p.a.;

UBI SICAV - Focus ItaliaClass ‘‘R’’ shares:- as from 17/07/2016 calculated daily on the total net assets of the sub-fund and payable quarterly in arrears: maximum 0.85% p.a.;

UBI SICAV - Cedola Mercati EmergentiClass ‘‘R’’ shares:- as from 17/07/2017 from 6th year calculated daily on the total net assets of the sub-fund and payable quarterly in arrears: maximum1.50% p.a.;

UBI SICAV - Protezione Mercati EmergentiClass ‘‘R’’ shares:- from 21/05/2018 calculated daily on the total net assets of the sub-fund and payable quarterly in arrears: maximum 1.40% p.a..

UBI SICAV - Multiasset Europe 50Class "A" shares:- from 22/10/2018 calculated daily on the total net assets of the share class and payable quarterly in arrears: maximum 1,70% p.a..

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Note 3 – Management and Distribution Fees (continued)

The Management Company will charge on Class ‘‘D’’ shares a distribution fee, calculated daily on the total net assets and payablequarterly in arrears, as described in the supplements of the prospectus for each concerned sub-fund (fee percentage is charged perannum):

Sub-fundMaximum fee

rate p.a.UBI SICAV - Euro Equity 1.10%

UBI SICAV - USA Equity 1.10%

UBI SICAV - Asia Pacific Equity 1.10%

UBI SICAV - Emerging Markets Equity 1.10%

UBI SICAV - Global Equity 1.10%

UBI SICAV - Euro Corporate Bond 0.90%

UBI SICAV - High Yield Bond 1.00%

UBI SICAV - Global Corporate Bond 0.90%

UBI SICAV - Euro Corporate Short Term 0.70%

UBI SICAV - Total Return Defensive (1) 0.50%

UBI SICAV - Euro Equity High Dividend 1.10%

UBI SICAV - Emerging Markets Bond 1.00%

UBI SICAV - Global Dynamic Allocation 1.10%

UBI SICAV - Global High Yield Euro Hedged (1) 1.15%

Note 4 – Performance Fees

For certain sub-funds and classes of shares, as specified in the Prospectus supplement of each sub-fund, the Management Company willalso receive a performance fee when the performance of a sub-fund is higher than the performance of its benchmark over a 90 daysrolling period, independently of the absolute performance of the sub-fund.

The performance fee will be:– calculated and accrued daily only when the sub-fund return exceeds the benchmark return;– equal to 20% of the over-performance of the sub-fund versus its benchmark during the last 90 day period;– payable quarterly in arrears.

Calculation of the performance fee is made every day. If the over-performance of the relevant sub-fund is greater than zero theperformance fee is equal to:

Over-performance x 20% x Net Asset Value90

For new sub-funds, if applicable, the calculation and accrual of the Performance Fee does not begin before a period of ninety days afterthe launch date have elapsed.

For certain sub-funds and classes of shares, for which there is no benchmark due to their specific investment style, as specified in thesupplement of each sub-fund, the Management Company also receives a Performance Fee equal to 10% of the increase in the net assetvalue per share of the sub-fund.

The performance fee is:– calculated and accrued daily only when the daily return of the sub-fund is positive and the net asset value per share of the sub-fund

exceeds every net asset value per share previously recorded (High Water Mark);– equal to 10% of the positive daily return;– payable quarterly in arrears.

The High Water Mark methodology applies such that if the net asset value per share of the sub-fund declines, no performance fee will bepayable in subsequent days to the extent that any subsequent increase in net asset value per share is merely recouping previous declinesin the net asset value per share, thus ensuring that performance fees are payable only after achieving a positive absolute performance forthe sub-fund.

Each time the performance fee is accrued the net asset value per share of that day is set as the new High Water Mark.

A performance fee once accrued will not be reimbursed to shareholders, regardless of any subsequent under-performance.

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Note 4 – Performance Fees (continued)

For the year ended on December 31, 2014, the performance fees rate described on previous page have been applied to the respectivesub-funds using the benchmarks described in the below table:

Sub-fund and share class Benchmark

UBI SICAV - Euro Balanced Risk Controlled (1)

Class R and S25% Dow Jones Euro Stoxx Index75% BofA Merrill Lynch 1-3 Year Euro Government Index

UBI SICAV - Euro EquityClass D, R and S

95% Dow Jones Euro Stoxx Index5% BofA Merrill Lynch Euro Treasury Bill Index

UBI SICAV - USA EquityClass D, R and S

95% Standard & Poors 5005% BofA Merrill Lynch Euro Treasury Bill Index

UBI SICAV - Asia Pacific EquityClass D, R and S

95% MSCI AC PACIFIC INDEX5% BofA Merrill Lynch Euro Treasury Bill Index

UBI SICAV - Emerging Markets EquityClass D, R and S

95% MSCI EMERGING MARKETS INDEX5% BofA Merrill Lynch Euro Treasury Bill Index

UBI SICAV - Global EquityClass D, R and S

95% MSCI WORLD INDEX5% BofA Merrill Lynch Euro Treasury Bill Index

UBI SICAV - Euro Corporate BondClass D, R and S 100% BofA Merrill Lynch Euro Large Cap Corporate Index

UBI SICAV - High Yield BondClass A, D, R and S 100% Barclays Capital Global High-Yield - Hedged Index

UBI SICAV - Active Duration (1)

Class R and S - (2)

UBI SICAV - Active BetaClass R and S - (2)

UBI SICAV - Global Corporate BondClass D and R

- 100% Citigroup World Broad Investment Grade Corporate EuroHedged Index

UBI SICAV - Total Return Defensive (1)

Class D, R and S - (2)

UBI SICAV - Euro Equity High DividendClass D, R and S

95% MSCI EMU Value Index5% BofA Merrill Lynch Euro Treasury Bill Index

UBI SICAV - Emerging Markets BondClass D and R 100% JPM GBI – EM Global Diversified Index

UBI SICAV - Global Dynamic AllocationClass A, B, D and R

10% The BofA Merrill Lynch Euro Treasury Bill Index20% The BofA Merrill Lynch Global Government excludingEuro Index (Euro Hedged)20% The BofA Merrill Lynch Euro Large Cap Index20% MSCI AC World Index ex EMU30% Dow Jones Euro Stoxx Index

UBI SICAV - Beta NeutralClass R - (2)

UBI SICAV - Long/Short EuroClass R - (2)

UBI SICAV - Multiasset Europe 50Class A

20% The BofA Merrill Lynch 1-3 Year Italy Government Index30% The BofA Merrill Lynch Euro large Cap Index50% STOXX Europe 600 Index

UBI SICAV - Global High Yield Euro Hedged (1)

Class D and R100% Barclays Global High Yield ba/b 1-5 year 1% issuerconstrained index (euro hedged)

UBI SICAV

159


(1)refer to Note 19.(2)Due to its investment policy the sub-fund has no Benchmark.

Note 4 – Performance Fees (continued)

The following amount of fees were due for the year ended December 31, 2014:

UBI SICAV - Euro Equity EUR 2,507.80

UBI SICAV - Asia Pacific Equity EUR 2,277.53

UBI SICAV - Emerging Markets Equity EUR 2,798.47

UBI SICAV - Global Equity EUR 2,828.05

UBI SICAV - High Yield Bond EUR 58,786.71

UBI SICAV - Euro Liquidity (1) EUR 84.86

UBI SICAV - Global Corporate Bond EUR 49.77

UBI SICAV - Euro Equity High Dividend EUR 85,198.41

UBI SICAV - Emerging Markets Bond EUR 1,278.49

UBI SICAV - Global Dynamic Allocation EUR 473,273.06

UBI SICAV - Global High Yield Euro Hedged (1) EUR 9,950.12

Note 5 – Central Administration Services

In consideration of the administrative services provided to the SICAV, the Management Company is entitled to receive a service fee at ayearly rate of up to 0.40% of the average net assets, transaction fees for the handling of subscription and redemption orders are notincluded in this cap. This service fee will be used to cover the functions of registrar and transfer agent, administrative agent, investmentcompliance monitoring and all other costs incurred by the SICAV with the exceptions detailed in the Prospectus.

Note 6 – Subscription Tax

Under legislation and regulations in Luxembourg the SICAV is subject to an annual subscription tax (‘‘taxe d’abonnement’’) of 0.05% perannum. This tax rate is reduced to a rate of 0,01% in respect of the net assets attributable to such classes of shares which are reservedfor institutional investors within the meaning of, and as provided for in, Article 174 of the Law. Such tax is payable and calculatedquarterly, and it is based on the total net asset value of the relevant class of shares on the last day of every calendar quarter. Thesubscription tax does not apply to the part of the assets of the SICAV that are invested in other Luxembourg undertakings for collectiveinvestment already subject to the "taxe d’abonnement".

Note 7 – Custodian, Domiciliary and Paying Agent Fees

The SICAV shall pay the custodian bank a fee as remuneration, together with transaction fees, in accordance with the terms of thecustodian bank agreement. This remuneration and the costs are payable to the custodian bank by the relevant sub-funds monthly inarrears. The remuneration stipulated for custodian bank services will be a maximum of 0.03% per year, calculated on the basis of theaverage net assets. Transaction fees charged by the custodian bank and custody and handling charges of any correspondents are notincluded in the cap.

The assets of a given sub-fund shall be liable only for the debts, liabilities and obligations relating to that sub-fund. Each sub-fund istreated as a separate entity in relations between shareholders.

UBI SICAV

160



Note 8 – Futures Contracts

As at December 31, 2014, the SICAV has entered into the following outstanding futures contracts:

UBI SICAV – Euro Fixed Income

Description MaturityNumber ofcontracts

purchased/(sold)Currency

Commitments(in EUR)

Unrealised gain/(loss) (in EUR)

EURO BUND March 2015 (15) EUR (1,671,600.00) (44,693.77)

EURO OAT FUTURES March 2015 (15) EUR (1,965,375.00) (31,050.00)

TREASURY BONDS USA March 2015 (54) USD (6,671,938.00) (113,049.50)

(188,793.27)

UBI SICAV – Asia Pacific Equity



Commitments(in EUR)


S&P / ASX 200 INDEX March 2015 5 AUD 457,290.00 22,902.43

TOPIX INDEX (TOKYO) March 2015 5 JPY 484,963.00 (11,516.85)

11,385.58

UBI SICAV – Emerging Markets Equity



Commitments(in EUR)


MSEMI - MSCI EMER MKTSINDEX

March 2015 15 USD 592,730.00 31,172.53

31,172.53

UBI SICAV – Global Equity



Commitments(in EUR)


S&P 500 EMINI INDEX March 2015 1 USD 85,075.00 2,852.83

2,852.83

UBI SICAV

161


Note 8 – Futures Contracts (continued)

UBI SICAV - Euro Corporate Bond



Commitments(in EUR)


10Y BTP ITALIAN BOND March 2015 (25) EUR (3,079,500.00) (30,000.00)

EURO BOBL March 2015 (150) EUR (17,441,700.00) (112,800.00)


(235,100.00)

UBI SICAV - Short Term



Commitments(in EUR)


EURO BUND March 2015 (5) EUR (557,200.00) (13,400.00)

(13,400.00)

UBI SICAV - Euro Liquidity (1)



Commitments(in EUR)


EURIBOR 360 /3 MONATE March 2016 (45) EUR (11,242,688.00) (5,625.00)

(5,625.00)

UBI SICAV – Active Beta



Commitments(in EUR)


10Y TREASURY NOTES USA March 2015 5 USD 417,726.00 1,743.00

DJ EUROPE STOXX 600INDUST G&S

March 2015 26 EUR 527,917.00 4,965.00

DJ EUROPE STOXX 600INSUR.IND

March 2015 38 EUR 476,045.00 24,890.00

DJ STOXX 600 BANKSPRICE EUR

March 2015 22 EUR 207,647.00 9,350.00

DJ STOXX 600 BASIC RES.PRICE

March 2015 12 EUR 225,600.00 21,600.00

DJ STOXX 600 CHEMICALSEUR IND

March 2015 4 EUR 157,272.00 8,400.00

DJ STOXX 600 FOOD ANDBEVERAGES

March 2015 11 EUR 303,083.00 14,905.00

DJ STOXX 600 HEALTHCARE

March 2015 12 EUR 416,214.00 13,200.00

UBI SICAV

162






Commitments(in EUR)


DJ STOXX 600 RETAIL March 2015 8 EUR 124,680.00 9,080.00

DJ STOXX 600TECHNOLOGY

March 2015 41 EUR 639,969.00 41,851.70

DJ STOXX 600 TLCM March 2015 4 EUR 64,010.00 2,400.00

DJ STOXX 600 UTILITIES March 2015 23 EUR 362,756.00 15,295.00

DJS 600 OIL & GAS STOXX600

March 2015 16 EUR 227,576.00 21,280.00

DOW JONES 600- CONS.&MAT.

March 2015 4 EUR 66,906.00 4,540.00

DOW JONES STOXX 600AUTO P.PR.

March 2015 9 EUR 225,590.00 13,770.00

DOW JONES STOXX 600MEDIA

March 2015 37 EUR 504,144.00 24,605.00

EURO BUND March 2015 4 EUR 445,760.00 9,270.00

EURO STOXX 50 PR March 2015 (67) EUR (2,108,108.00) (107,200.00)

S&P 500 EMINI INDEX March 2015 13 USD 1,105,975.00 37,274.83

SMI INDEX/OHNEDIVIDENDENKORR.

March 2015 (8) CHF (597,646.00) (21,089.39)

SXTP - DJS TRV&LSR E PR March 2015 14 EUR 155,414.00 9,590.00

UKX FTSE 100 INDEX March 2015 (19) GBP (1,607,055.00) (90,680.09)

69,040.05

UBI SICAV – Euro Corporate Short Term



Commitments(in EUR)



(144,604.20)

UBI SICAV

163



UBI SICAV – Global Dynamic Allocation



Commitments(in EUR)


DJ EURO STOXX /PRICEINDEX

March 2015 1,400 EUR 22,376,900.00 721,000.00

EURO BUND March 2015 (469) EUR (52,265,360.00) (1,256,920.00)

EURO STOXX 50 PR March 2015 6,332 EUR 199,231,948.00 8,184,924.99

FTSE MIB INDEX March 2015 193 EUR 18,346,541.00 664,885.00

S&P 500 EMINI INDEX March 2015 570 USD 48,492,748.00 1,634,357.96

UKX FTSE 100 INDEX March 2015 (204) GBP (17,254,696.00) (973,617.85)

8,974,630.10

UBI SICAV – Long/Short Euro



Commitments(in EUR)


EURO STOXX 50 PR March 2015 (295) EUR (9,281,969.00) (472,000.00)

(472,000.00)

UBI SICAV – Cedola Certa 2013-2016



Commitments(in EUR)



(560,000.00)

UBI SICAV – Cedola Certa 2013-2017



Commitments(in EUR)



(640,000.00)

UBI SICAV

164



UBI SICAV - Focus Italia



Commitments(in EUR)


10Y BTP ITALIAN BOND March 2015 (100) EUR (12,318,000.00) (189,000.00)


(238,062.14)

UBI SICAV - Multiasset Europe 50



Commitments(in EUR)


10Y BTP ITALIAN BOND March 2015 161 EUR 19,831,980.00 250,421.44

10Y TREASURY NOTES USA March 2015 (58) USD (4,845,616.00) (16,474.55)

EURO BOBL March 2015 52 EUR 6,046,456.00 41,801.76


EURO OAT FUTURES March 2015 100 EUR 13,102,500.00 207,000.00

FTSE MIB INDEX March 2015 336 EUR 31,940,093.00 1,157,520.00

1,580,641.37

The futures contracts were conducted with the counterparties:

JP MORGAN SECURITIES PLCJP MORGAN FUTURES AND OPTIONSBACHE COMMODITIES LTD

The deposits and margin accounts in relation with all above opened futures are held with JP Morgan and Bache Commodities Ltd.

UBI SICAV

165


Note 9 – Securities Lending

The SICAV may enter into securities lending transactions provided that they comply with the rules set forth in CSSF Circular 08/356,CSSF Circular 14/592 and ESMA Guidelines 2014/937 concerning the rules applicable to undertakings for collective investment whenthey use certain techniques and instruments relating to transferable securities and money market instruments, as amended from time totime. The SICAV may only lend or borrow securities through a standardised system organised by a recognised clearing institution orthrough a first class financial institution specialised in this type of transactions subject to prudential supervision rules considered by theCSSF as equivalent to those prescribed by Community law and must be evaluated and approved by the Company. In all cases, thecounterparty to the securities lending agreement (i.e. the borrower) must be subject to prudential supervision rules considered by theCommission de Surveillance du Secteur Financier as equivalent to those prescribed by Community law. In case the aforementionedfinancial institution acts on its own account, it is to be considered as counterparty in the securities lending agreement.

Each sub-fund must ensure that the volume of the securities lending transactions is kept at an appropriate level or that it is entitled torequest the return of the securities lent in a manner that enables it, at all times, to meet its redemption obligations and that thesetransactions do not jeopardize the management of the sub-fund’s assets in accordance with its investment policy.

The SICAV has entered into securities lending program with RBC Investor Services Trust and RBC Investor Services Bank S.A. (theCustodian). As at December 31, 2014, the market value of the securities lent and the collateral received were as follows:

Currency Collateral Market Value Gross incomeIncome net of

Expenses

Direct andindirect costs

and feesdeducted

from grosssecurities

lending incomeUBI SICAV -Euro Fixed Income EUR 11,776,515.67 11,516,433.88 6,736.90 4,513.73 2,223.18

UBI SICAV -Euro Balanced RiskControlled(1) EUR - - 955.70 632.72 316.15

UBI SICAV -Euro Equity EUR 4,393,205.06 4,179,277.00 50,980.79 34,070.96 16,909.81UBI SICAV -USA Equity EUR 268,745.32 254,614.51 660.00 442.20 217.80UBI SICAV -Asia Pacific Equity EUR 3,323,140.39 3,175,989.78 9,820.36 6,265.80 3,554.57UBI SICAV -Emerging Markets Equity EUR 1,585,946.52 1,519,691.89 35,607.90 23,835.42 11,772.49UBI SICAV -Global Equity EUR 20,302.04 20,001.52 4,336.54 2,901.64 1,434.91UBI SICAV -Euro Corporate Bond EUR 2,516,831.55 2,376,528.00 8,563.16 5,737.31 2,825.84UBI SICAV -High Yield Bond EUR 10,827,483.14 10,500,118.88 45,628.71 30,571.24 15,057.47UBI SICAV -Short Term EUR EUR - - 2,158.91 1,446.46 712.44UBI SICAV -Euro Liquidity(1) EUR - - 15,347.95 10,429.94 5,064.82UBI SICAV -Active Duration(1) EUR - - 828.77 506.07 273.49UBI SICAV -Active Beta EUR 3,019,414.90 2,929,724.03 5,398.22 3,616.81 1,781.41UBI SICAV -Global Corporate Bond EUR - - 60.37 40.45 19.92UBI SICAV -Euro Corporate Short Term EUR 1,300,660.12 1,237,510.01 6,769.05 4,535.26 2,233.79UBI SICAV -Total Return Defensive(1) EUR - - 3,139.90 2,013.06 1,036.17UBI SICAV -Euro Equity High Dividend EUR 4,976,962.36 4,734,665.10 97,475.95 65,308.86 32,167.06UBI SICAV -Emerging Markets Bond EUR - - 1,200.77 804.53 396.26UBI SICAV -Global Dynamic Allocation EUR 34,554,878.46 32,915,627.28 251,049.17 168,202.95 82,846.23UBI SICAV -Cedola Certa 2012-2015 EUR - - - - -UBI SICAV -Beta Neutral EUR 1,942,873.56 1,857,524.63 6,368.91 4,267.18 2,101.74UBI SICAV -Long/Short Euro EUR 1,171,110.82 1,114,291.00 16,101.94 10,786.72 5,315.22UBI SICAV -Cedola Certa 2013-2016 EUR - - - - -UBI SICAV -Protezione e Crescita 2017 EUR - - - - -UBI SICAV -Cedola Certa 2013-2017 EUR - - - - -UBI SICAV -Focus Italia EUR - - - - -UBI SICAV -Cedola Mercati Emergenti EUR - - 9,438.00 6,323.47 3,114.54UBI SICAV -Protezione Mercati Emergenti EUR - - - - -UBI SICAV -Multiasset Europe 50 EUR 97,377,163.06 94,273,642.38 311,024.54 208,386.43 102,638.12UBI SICAV -Global High Yield Euro Hedged EUR - - - - -

EUR 179,055,232.97 172,605,639.89 889,652.51 595,639.21 294,013.43

The collateral provided corresponds to bonds issued or guaranteed by OECD Member States or their territorial governmental authoritiesor by supranational organizations and undertakings with EU, regional or worldwide scope; or to equities securities on the following index:S&P/TSX Composite, S&P 500, CAC 40, DAX 30, FTSE 100.

In return for making securities available for loan throughout the year, the above sub-funds participating in the securities lendingprogrammes received the "Income net of Expenses" disclosed in the above table, which are reflected in the Statement of Operations andChanges in Net Assets as "income from securities lending". The difference between the gross and the net income is paid to RBC InvestorServices Trust, Canada, RBC Investor Services Bank S.A. Luxembourg, and US withholding tax to IRS if deals are made with USborrowers.

UBI SICAV

166



Note 9 – Securities Lending (continued)

The counterparties linked to the securities lending program are :

- BNP PARIBAS ARBITRAGE- CITIGROUP GLOBAL MARKETS INC- CREDIT SUISSE SECURITIES (EUROPE)- GOLDMAN SACHS INTERNATIONAL- J.P. MORGAN CLEARING CORPORATION- MERRILL LYNCH INTERNATIONAL- MORGAN STANLEY & CO. INTL PLC- NATIXIS- NOMURA INTERNATIONAL PLC- RBC DOMINION SECURITIES INC- SCOTIA CAPITAL INC.- SKANDINAVISKA ENSKILDA BKN AB PUBL- SOCIETE GENERALE- THE BANK OF NOVA SCOTIA- UBS AG- UNICREDIT BANK AG- ZURCHER KANTONALBANK

Note 10 – Forward Foreign Exchange Contracts

UBI SICAV – Euro Fixed Income

Currency Purchase* Currency SalesMaturityDate

Unrealized gain/(loss)

EUR 1,208,216 USD 1,500,000 29/01/2015 EUR (30,984.12)

USD 4,050,000 EUR 3,261,657 29/01/2015 EUR 84,164.24

53,180.12

UBI SICAV – High Yield Bond



EUR 985,390,910 USD 1,230,824,440 03/02/2015 EUR (31,386,638.25)

EUR 76,884,266 GBP 61,101,464 03/02/2015 EUR (1,788,249.72)

GBP 5,082,962 EUR 6,408,010 03/02/2015 EUR 136,592.91

USD 65,846,029 EUR 53,008,783 03/02/2015 EUR 1,385,821.81

(31,652,473.25)

UBI SICAV

167


* The commitment on Forward Foreign Exchange Contracts is represented by the purchase leg of the contract.

Note 10 – Forward Foreign Exchange Contracts (continued)

UBI SICAV – Active Beta



AUD 649,847 EUR 433,000 07/01/2015 EUR 6,098.17

CAD 393,866 EUR 277,000 07/01/2015 EUR 3,896.88

EUR 269,000 JPY 39,544,328 07/01/2015 EUR (3,505.38)

EUR 277,000 CAD 393,441 07/01/2015 EUR (3,594.08)

EUR 301,000 NOK 2,616,443 07/01/2015 EUR 12,820.32

EUR 433,000 AUD 637,939 07/01/2015 EUR 1,948.81

EUR 433,000 GBP 343,889 07/01/2015 EUR (9,936.82)

EUR 433,000 NZD 688,860 07/01/2015 EUR (11,443.41)

EUR 127,000 SEK 1,211,780 07/01/2015 EUR (872.96)

EUR 181,000 USD 220,715 07/01/2015 EUR (1,374.78)

GBP 340,020 EUR 433,000 07/01/2015 EUR 4,953.37

JPY 39,685,839 EUR 269,000 07/01/2015 EUR 4,480.58

NOK 2,726,872 EUR 301,000 07/01/2015 EUR (653.67)

NZD 680,530 EUR 433,000 07/01/2015 EUR 6,060.44

SEK 1,175,264 EUR 127,000 07/01/2015 EUR (2,980.33)

USD 225,711 EUR 181,000 07/01/2015 EUR 5,502.87

EUR 3,010,000 USD 3,742,378 09/01/2015 EUR (82,253.93)

USD 3,709,531 EUR 3,010,000 09/01/2015 EUR 55,109.83

AUD 1,082,182 EUR 717,000 15/01/2015 EUR 13,776.41

CAD 2,563,372 EUR 1,784,000 15/01/2015 EUR 43,755.09

EUR 179,000 SEK 1,707,983 15/01/2015 EUR (1,219.82)

EUR 533,000 NZD 851,525 15/01/2015 EUR (15,978.89)

EUR 535,000 GBP 422,500 15/01/2015 EUR (9,151.53)

EUR 538,000 AUD 809,938 15/01/2015 EUR (8,946.10)

EUR 716,000 NOK 6,499,110 15/01/2015 EUR 377.43

EUR 1,605,000 CAD 2,309,632 15/01/2015 EUR (41,848.96)

UBI SICAV

168






EUR 891,000 USD 1,104,869 15/01/2015 EUR (21,877.96)

EUR 716,000 JPY 105,332,836 15/01/2015 EUR (9,844.44)

GBP 563,316 EUR 714,000 15/01/2015 EUR 11,510.00

JPY 131,735,959 EUR 896,000 15/01/2015 EUR 11,787.10

NOK 6,497,234 EUR 716,000 15/01/2015 EUR (583.75)

NZD 1,143,572 EUR 712,000 15/01/2015 EUR 25,228.36

SEK 3,348,878 EUR 358,000 15/01/2015 EUR (4,639.35)

USD 1,326,976 EUR 1,070,000 15/01/2015 EUR 26,387.49

2,986.99

UBI SICAV – Global Corporate Bond



EUR 1,047,719 GBP 832,664 03/02/2015 EUR (24,395.88)

EUR 7,680,352 USD 9,591,842 03/02/2015 EUR (243,417.75)

GBP 99,534 EUR 124,901 03/02/2015 EUR 3,254.36

USD 35,354 GBP 22,585 03/02/2015 EUR 126.14

USD 280,973 EUR 225,971 03/02/2015 EUR 6,137.71

(258,295.42)

UBI SICAV – Euro Corporate Short Term



EUR 12,080,213 USD 15,000,000 29/01/2015 EUR (311,787.67)

USD 15,000,000 EUR 12,176,807 29/01/2015 EUR 215,124.79

(96,662.88)

UBI SICAV

169




UBI SICAV – Emerging Markets Bond



USD 17,697 ZAR 204,400 02/01/2015 EUR 34.31

USD 2,300 EUR 1,900 02/01/2015 EUR 0.71

USD 25,381 TRY 58,930 02/01/2015 EUR 160.01

EUR 49,767 USD 60,514 05/01/2015 EUR (235.10)

USD 17,437 HUF 4,510,000 05/01/2015 EUR 143.17

COP 6,963,874,000 USD 2,981,238 08/01/2015 EUR (40,858.63)

USD 3,220,586 COP 6,963,874,000 08/01/2015 EUR 238,634.49

MYR 20,991,155 USD 6,355,177 09/01/2015 EUR (296,689.65)

NGN 303,050,327 USD 1,799,052 09/01/2015 EUR (123,073.10)

USD 303,655 NGN 51,596,999 09/01/2015 EUR 18,819.81

USD 2,458,280 MYR 8,404,352 09/01/2015 EUR 47,614.29

USD 1,840,281 BRL 4,777,173 12/01/2015 EUR 40,783.99

COP 584,447,250 USD 255,000 13/01/2015 EUR (7,393.58)

USD 390,959 COP 912,477,414 13/01/2015 EUR 5,624.25

EUR 416,000 PLN 1,763,238 14/01/2015 EUR 6,221.57

PLN 974,666 USD 292,273 14/01/2015 EUR (14,971.85)

USD 286,232 PLN 961,163 14/01/2015 EUR 13,127.74

CLP 43,258,119 USD 73,481 15/01/2015 EUR (1,989.47)

CNY 2,956,061 USD 477,776 15/01/2015 EUR (1,851.12)

THB 11,870,602 USD 360,043 15/01/2015 EUR 337.38

USD 477,769 CNY 2,956,061 15/01/2015 EUR 1,848.86

CAD 1,202,703 USD 1,067,917 16/01/2015 EUR (24,804.10)

KRW 191,161,537 USD 173,421 16/01/2015 EUR 285.27

PEN 501,404 USD 170,460 16/01/2015 EUR (1,943.81)

USD 180,480 PEN 529,999 16/01/2015 EUR 2,305.34

USD 1,051,963 CAD 1,203,260 16/01/2015 EUR 11,227.34

UBI SICAV

170






USD 1,003,609 KRW 1,070,551,153 16/01/2015 EUR 25,212.20

IDR 11,705,389,818 USD 957,483 20/01/2015 EUR (13,236.00)

TRY 2,866,209 USD 1,254,737 20/01/2015 EUR (29,658.73)

USD 2,506,977 IDR 31,289,059,334 20/01/2015 EUR (7,962.23)

USD 736,055 TRY 1,661,524 20/01/2015 EUR 24,513.22

USD 344,836 HUF 82,712,357 21/01/2015 EUR 23,510.84

EUR 61,000 HUF 18,956,116 22/01/2015 EUR 1,092.87

HUF 271,521,349 USD 1,107,664 22/01/2015 EUR (57,035.63)

MXN 20,839,106 USD 1,527,676 22/01/2015 EUR (95,863.70)

USD 503,924 MXN 6,872,322 22/01/2015 EUR 31,762.90

USD 1,538,458 HUF 387,875,911 22/01/2015 EUR 45,265.85

MXN 3,693,792 USD 251,877 23/01/2015 EUR (1,380.05)

TRY 4,640,061 USD 2,039,080 23/01/2015 EUR (55,752.26)

USD 2,256,514 TRY 5,199,080 23/01/2015 EUR 39,398.85

USD 4,091,845 ZAR 45,967,032 23/01/2015 EUR 111,104.58

USD 1,340,368 MXN 19,531,561 23/01/2015 EUR 14,364.01

ZAR 20,188,570 USD 1,805,601 23/01/2015 EUR (55,630.81)

PLN 1,382,000 EUR 318,195 26/01/2015 EUR 2,781.42

PLN 8,627,308 USD 2,553,216 26/01/2015 EUR (105,626.68)

RON 3,403,098 USD 970,946 26/01/2015 EUR (43,730.53)

USD 970,378 PLN 3,283,368 26/01/2015 EUR 39,155.44

USD 215,209 RON 796,563 26/01/2015 EUR 270.78

EUR 140,400 GBP 112,422 28/01/2015 EUR (4,363.53)

EUR 8,172,118 USD 10,174,727 28/01/2015 EUR (233,649.28)

GBP 508,000 EUR 643,576 28/01/2015 EUR 10,557.66

INR 12,515,857 USD 201,918 28/01/2015 EUR (4,074.07)

JPY 607,925,574 USD 5,082,648 28/01/2015 EUR (9,565.29)

UBI SICAV

171






TRY 1,060,807 USD 445,089 28/01/2015 EUR 4,196.73

USD 609,233 GBP 390,000 28/01/2015 EUR 1,121.61

USD 376,618 TRY 860,765 28/01/2015 EUR 9,443.45

USD 15,620,925 EUR 12,495,788 28/01/2015 EUR 409,236.85

USD 8,733,940 JPY 980,549,454 28/01/2015 EUR 458,151.39

INR 32,961,909 USD 530,169 05/02/2015 EUR (10,167.37)

RUB 45,024,134 USD 802,536 05/02/2015 EUR (57,018.01)

RUB 30,681,554 USD 543,850 09/02/2015 EUR (37,309.85)

USD 1,348,448 RUB 75,472,637 09/02/2015 EUR 102,870.58

EGP 5,048,894 USD 692,129 10/02/2015 EUR 8,134.39

INR 18,400,820 USD 293,724 12/02/2015 EUR (4,204.80)

PHP 36,024,465 USD 800,046 12/02/2015 EUR 3,619.60

USD 339,033 PHP 15,283,054 12/02/2015 EUR (1,850.73)

COP 7,417,216,788 USD 3,534,279 23/02/2015 EUR (346,263.36)

USD 3,264,134 COP 7,607,642,977 23/02/2015 EUR 57,088.42

USD 1,578,952 TWD 48,719,627 24/02/2015 EUR 31,700.81

EGP 1,293,700 USD 176,014 26/02/2015 EUR 2,761.83

THB 6,826,375 USD 205,648 06/03/2015 EUR 945.18

USD 937,902 THB 31,123,561 06/03/2015 EUR (4,081.39)

BRL 2,531,096 USD 954,972 11/03/2015 EUR (20,159.22)

COP 307,331,280 USD 129,840 11/03/2015 EUR (882.66)

USD 157,197 BRL 429,079 11/03/2015 EUR (470.92)

KRW 253,306,698 USD 230,404 16/03/2015 EUR (750.80)

PEN 176,117 USD 57,933 16/03/2015 EUR 633.14

USD 1,121,596 PEN 3,368,154 16/03/2015 EUR (834.65)

USD 677,868 KRW 750,836,765 16/03/2015 EUR (1,984.00)

RUB 19,304,946 USD 293,976 18/03/2015 EUR 10,448.57

UBI SICAV

172






USD 1,451,809 RUB 57,787,086 18/03/2015 EUR 461,843.06

601,037.80

UBI SICAV – Global Dynamic Allocation



EUR 11,769,674 AUD 17,000,000 29/01/2015 EUR 303,961.64

EUR 20,530,319 GBP 16,275,000 29/01/2015 EUR (426,353.60)

EUR 53,551,687 JPY 7,858,362,000 29/01/2015 EUR (603,031.32)

EUR 6,574,567 CHF 7,900,000 29/01/2015 EUR 3,761.58

EUR 80,536,113 USD 100,000,000 29/01/2015 EUR (2,077,222.04)

(2,798,883.74)

UBI SICAV – Cedola Mercati Emergenti



EUR 65,684 USD 79,821 02/01/2015 EUR (272.00)

COP 53,722,633,000 USD 22,998,687 08/01/2015 EUR (315,202.88)

USD 24,845,134 COP 53,722,633,000 08/01/2015 EUR 1,840,939.84

MYR 148,672,403 USD 45,061,914 09/01/2015 EUR (2,143,151.64)

NGN 2,288,226,631 USD 13,584,011 09/01/2015 EUR (929,281.82)

USD 2,416,710 NGN 410,647,372 09/01/2015 EUR 149,782.02

USD 16,040,996 MYR 54,692,384 09/01/2015 EUR 345,766.84

USD 5,784,126 BRL 14,933,743 12/01/2015 EUR 153,427.81

COP 3,522,727,150 USD 1,537,000 13/01/2015 EUR (44,564.43)

USD 2,801,970 COP 6,539,883,362 13/01/2015 EUR 40,223.76

EUR 3,128,000 PLN 13,257,360 14/01/2015 EUR 46,975.50

PLN 7,638,916 USD 2,290,840 14/01/2015 EUR (117,472.54)

USD 1,945,212 PLN 6,534,132 14/01/2015 EUR 88,717.41

CLP 332,865,832 USD 565,425 15/01/2015 EUR (15,308.77)

UBI SICAV

173






CNY 16,878,349 USD 2,727,982 15/01/2015 EUR (10,573.48)

THB 51,243,367 USD 1,554,242 15/01/2015 EUR 1,456.44

USD 2,727,814 CNY 16,878,349 15/01/2015 EUR 10,455.04

CAD 8,984,090 USD 7,977,249 16/01/2015 EUR (185,284.52)

KRW 1,422,805,647 USD 1,290,761 16/01/2015 EUR 2,123.21

PEN 726,927 USD 244,140 16/01/2015 EUR (347.32)

USD 1,421,940 PEN 4,175,670 16/01/2015 EUR 18,162.95

USD 7,858,066 CAD 8,988,249 16/01/2015 EUR 83,864.32

USD 7,537,136 KRW 8,039,416,351 16/01/2015 EUR 189,686.68

IDR 72,934,601,718 USD 5,969,302 20/01/2015 EUR (85,252.25)

TRY 12,316,192 USD 5,389,884 20/01/2015 EUR (125,989.88)

USD 17,600,411 IDR 219,760,514,596 20/01/2015 EUR (62,128.93)

USD 5,265,378 TRY 11,875,900 20/01/2015 EUR 178,831.18

USD 3,711,743 HUF 894,486,963 21/01/2015 EUR 239,819.72

EUR 251,000 HUF 77,999,756 22/01/2015 EUR 4,496.90

HUF 36,030,900 EUR 117,390 22/01/2015 EUR (3,519.02)

HUF 1,491,864,482 USD 6,100,433 22/01/2015 EUR (325,287.66)

MXN 108,029,518 USD 7,912,529 22/01/2015 EUR (491,242.20)

USD 10,264,768 HUF 2,594,556,494 22/01/2015 EUR 281,124.97

USD 9,639 MXN 131,094 22/01/2015 EUR 627.59

MXN 22,698,654 USD 1,548,466 23/01/2015 EUR (9,029.34)

TRY 34,296,827 USD 15,090,098 23/01/2015 EUR (427,229.54)

USD 13,722,078 TRY 31,749,066 23/01/2015 EUR 192,598.50

USD 28,538,191 ZAR 321,278,208 23/01/2015 EUR 725,950.19

USD 8,505,248 MXN 123,642,033 23/01/2015 EUR 107,664.69

ZAR 123,016,301 USD 11,013,495 23/01/2015 EUR (348,327.34)

PLN 54,765,903 USD 16,240,654 26/01/2015 EUR (697,711.50)

UBI SICAV

174






PLN 10,343,000 EUR 2,381,382 26/01/2015 EUR 20,835.35

RON 24,669,757 USD 7,044,775 26/01/2015 EUR (322,125.60)

USD 1,074,214 RON 3,982,487 26/01/2015 EUR (87.41)

USD 5,140,660 PLN 17,323,833 26/01/2015 EUR 223,732.32

EUR 1,038,000 GBP 831,155 28/01/2015 EUR (32,260.34)

EUR 53,700,692 USD 67,044,726 28/01/2015 EUR (1,687,789.08)

GBP 3,743,000 EUR 4,741,936 28/01/2015 EUR 77,790.05

INR 97,008,898 USD 1,565,038 28/01/2015 EUR (31,577.62)

JPY 4,486,127,217 USD 37,507,457 28/01/2015 EUR (71,044.46)

TRY 6,159,063 USD 2,662,532 28/01/2015 EUR (40,363.44)

USD 2,525,000 TRY 5,745,481 28/01/2015 EUR 72,301.85

USD 64,890,623 JPY 7,283,843,745 28/01/2015 EUR 3,413,251.04

USD 108,822,407 EUR 86,825,073 28/01/2015 EUR 3,077,142.56

USD 4,527,156 GBP 2,898,000 28/01/2015 EUR 8,405.87

INR 279,989,654 USD 4,503,297 05/02/2015 EUR (86,249.79)

RUB 164,853,825 USD 2,968,250 05/02/2015 EUR (233,392.48)

RUB 404,384,637 USD 7,221,298 09/02/2015 EUR (535,804.01)

USD 8,174,243 RUB 468,057,176 09/02/2015 EUR 478,740.02

EGP 37,641,139 USD 5,160,040 10/02/2015 EUR 60,647.64

INR 100,674,792 USD 1,613,220 12/02/2015 EUR (28,123.23)

PHP 203,190,301 USD 4,512,532 12/02/2015 EUR 20,415.80

USD 2,113,400 PHP 95,383,913 12/02/2015 EUR (13,665.81)

COP 56,154,930,942 USD 26,771,593 23/02/2015 EUR (2,633,054.16)

USD 24,830,485 COP 57,919,563,952 23/02/2015 EUR 417,673.65

USD 11,850,274 TWD 365,674,211 24/02/2015 EUR 237,238.42

EGP 9,565,775 USD 1,301,466 26/02/2015 EUR 20,421.35

THB 50,974,277 USD 1,535,576 06/03/2015 EUR 7,095.83

UBI SICAV

175






USD 5,686,571 THB 188,835,736 06/03/2015 EUR (28,040.13)

COP 2,311,512,786 USD 976,558 11/03/2015 EUR (6,638.69)

USD 927,730 BRL 2,526,209 11/03/2015 EUR (886.03)

KRW 1,892,921,506 USD 1,721,777 16/03/2015 EUR (5,610.64)

USD 4,854,431 KRW 5,377,239,267 16/03/2015 EUR (14,397.81)

USD 7,249,071 PEN 21,768,960 16/03/2015 EUR (5,394.50)

RUB 106,428,042 USD 1,562,820 18/03/2015 EUR 105,417.77

USD 12,380,666 RUB 492,793,823 18/03/2015 EUR 3,938,482.13

4,768,604.92

UBI SICAV – Multiasset Europe 50



CHF 7,300,000 EUR 6,072,706 29/01/2015 EUR (949.58)

EUR 2,818,575 SEK 26,100,000 29/01/2015 EUR 64,837.40

EUR 805,348 USD 1,000,000 29/01/2015 EUR (20,785.85)

GBP 34,700,000 EUR 43,816,197 29/01/2015 EUR 865,223.12

SEK 23,000,000 EUR 2,488,747 29/01/2015 EUR (62,071.69)

846,253.40

UBI SICAV – Global High Yield Euro Hedged (1)



EUR 17,882,119 GBP 14,210,974 03/02/2015 EUR (415,528.29)

EUR 475,093 CHF 571,410 03/02/2015 EUR (198.33)

EUR 269,175,334 USD 335,966,938 03/02/2015 EUR (8,365,118.55)

USD 1,186,326 EUR 980,103 03/02/2015 EUR (93.11)

(8,780,938.28)


UBI SICAV

176




The deposits and margin accounts in relation with all above opened Forward Foreign Exchange Contracts are held with :

- BARCLAYS BANK WHOLE SALE- CITIBANK NA- CREDIT AGRICOLE CIB LONDON- CREDIT SUISSE INT. LONDON- DEUTSCHE BANK- GOLDMANN SACHS INTERNATIONAL- HSBC BANK US AN.A.- JP MORGAN CHASE BANK NA, NEW YORK- NOMURA INTERNATIONAL PLC- TORONTO DOMINION BANK- UBIBANCA- UBSAG

Note 11 – Options

As at December 31, 2014, the Sub-Fund UBI SICAV - Emerging Markets Bond was engaged in the following written option:

Number ofContracts Type Description

ExpirationDate

StrikePrice Currency

MarketValue Commitment

-2,588,000 Call Usd/Jpy Spot Cross 16/01/2015 106.00 USD (246,582.81) (21,392.93)(21,392.93)

As at December 31, 2014, the Sub-Fund UBI SICAV - Global Dynamic Allocation was engaged in the following written options:


ExpirationDate



-8,500 Call Assicurazioni Generali Spa 19/02/2015 15.50 EUR (137,275.00) 2,427,600.00-1,300 Call Topix Index (Tokyo) 09/01/2015 1550.00 JPY (8,958.41) 12,609.05-3,000 Put Euro Stoxx 50 Pr 16/01/2015 2900.00 EUR (324,000.00) 9,868,950.00-10,000 Put Ishs Msci Emerging Market -Shs 17/01/2015 36.00 USD (41,315.49) (32,465,708.15)

(20,156,549.10)

As at December 31, 2014, the Sub-Fund UBI SICAV - Focus Italia was engaged in the following written option:


ExpirationDate



-5,000,000 Call Usd/Jpy Spot Cross 09/01/2015 125.00 USD (2,825.98) (41,331.00)(41,331.00)

As at December 31, 2014, the Sub-Fund UBI SICAV - Cedola Mercati Emergenti was engaged in the following written option:


ExpirationDate



-19,446,000 Call Usd/Jpy Spot Cross 16/01/2015 106.00 USD (1,852,801.12) (160,744.52)(160,744.52)

The options contracts were conducted with the counterparties:

NOMURA INTERNATIONAL PLCJP MORGAN SECURITIES PLCGOLDMAN SACHS INTERNATIONALCREDIT LYONNAIS-LONDRACITIBANK N.A.COMMERZBANK FRAN

UBI SICAV

177


Note 12 – Contracts For Difference (CFD)

As at December 31, 2014, the following CFD were outstanding for the Sub-Fund UBI SICAV - Beta Neutral.

DescriptionNumber ofcontracts

purchased/(sold)Currency Commitments

Unrealisedgain / (loss)(in EUR)

A.P. MOELLER - MAERSK A/S A (20) EUR (32,096.27) 311.79

AALBERTS INDUSTRIES NV (2,466) EUR (60,503.31) 61.65

ABB LTD ZUERICH /NAMEN. (4,226) EUR (74,301.49) 742.97

ACCOR SA (6,857) EUR (256,040.38) 34.28

ACTELION LTD. ALLSCHWIL *OPR* EQEUR

647 EUR 62,043.55 (459.11)

ADECCO /ACT.NOM. (1,318) EUR (75,471.40) 517.49

ADIDAS AG (1,298) EUR (74,790.76) (1,233.10)

AEGON NV (33,429) EUR (209,232.11) (133.72)

AEROPORTS DE PARIS ADP (1,343) EUR (134,635.75) 604.35

AGEAS NV *OPR* (3,581) EUR (105,657.41) 859.44

AGGREKO PLC (3,958) EUR (76,707.18) 733.07

AIR LIQUIDE 387 EUR 39,802.95 (193.50)

ALCATEL-LUCENT (13,420) EUR (39,857.40) 429.44

ALLIANZ SE/NAM.VINKULIERT (1,607) EUR (220,721.45) 3,053.30

ALSTOM 4,486 EUR 120,493.96 179.44

ALTICE S.A. (1,355) EUR (88,427.30) (2,574.50)

AMADEUS IT HOLDING SR. A (3,887) EUR (128,601.40) (1,379.89)

AMER SPORTS CORPORATION A 6,383 EUR 102,510.98 (1,404.26)

ANDRITZ AG GRAZ (344) EUR (15,717.36) 142.76

ANGLO AMERICAN PLC 3,211 EUR 49,672.37 (34.87)

ANHEUSER-BUSH INBEV SA (493) EUR (46,272.98) 463.42

ARCELORMITTAL SA REG SHS (30,096) EUR (273,512.45) 3,581.42

ARKEMA (722) EUR (39,760.54) 50.54

ASM INTERNATIONAL REG NV (247) EUR (8,669.70) (130.91)

ASML HOLDING NV 709 EUR 63,455.50 (269.42)

ASTRAZENECA PLC 1,045 EUR 61,342.96 644.45

ATLANTIA SPA (1,414) EUR (27,332.62) 311.08

UBI SICAV

178


Note 12 – Contracts For Difference (CFD) (continued)




ATLAS COPCO AB A 2,679 EUR 61,767.16 (692.92)

ATOS ORIGIN (376) EUR (24,928.80) (372.24)

AXA (9,737) EUR (186,999.09) 1,801.34

AXEL SPRINGER AG / NAM.VINK (205) EUR (10,266.40) 0.00

AZIMUT HOLDING SPA 3,032 EUR 54,666.96 242.56

BABCOCK INTERNATIONAL GROUP (5,161) EUR (70,360.99) 158.91

BAE SYSTEMS PLC - EQ EUR (12,450) EUR (75,722.29) (249.14)

BANCO POPOLARE -AZ. POST RAG 4,130 EUR 41,547.80 433.65

BASF NAMEN-AKT. (3,948) EUR (275,886.24) 4,026.96

BBA AVIATION PLC 14,296 EUR 66,317.70 1,702.64

BCO DE SABADELL SA/NOM. (21,712) EUR (47,874.96) 282.26

BCO POP ESP ISS.13 (12,744) EUR (53,015.04) 1,427.33

BEIERSDORF A.G. 551 EUR 37,148.42 (457.33)

BIC 207 EUR 22,738.95 82.80

BILFINGER BERGER AG (3,245) EUR (150,421.98) 2,206.59

BME (379) EUR (12,181.06) 149.70

BMW-BAYER.MOTORENWERKE 133 EUR 11,939.41 (164.92)

BNP PARIBAS 1,249 EUR 61,525.74 (1,049.16)

BOLIDEN AB 4,762 EUR 63,090.71 (416.27)

BOLLORE SA (64,539) EUR (243,312.03) 7,486.52

BPOST 3,088 EUR 64,184.08 741.12

BRENNTAG (2,234) EUR (103,903.34) 100.53

BRITISH AMERICAN TOBACCO (25P) 1,113 EUR 50,196.75 (222.37)

BURBERRY GROUP PLC 1,922 EUR 40,518.10 22.33

BUREAU VERITAS 2,433 EUR 44,548.23 (340.62)

CAIXABANK (16,748) EUR (73,038.03) 837.40

CAMPARI AZ/POST FRAZIONAMENTO (11,150) EUR (57,534.00) (390.25)

CAP GEMINI SA (1,399) EUR (83,212.52) 1,119.20

UBI SICAV

179






CARREFOUR S.A. (3,087) EUR (78,101.10) (231.52)

CASINO GUICHARD-PERRACH (150) EUR (11,469.00) 126.00

CINTRA CONC.INFRAEST.TRANSPORT

(4,622) EUR (75,916.36) (878.18)

CNP ASSURANCES (711) EUR (10,469.48) 74.65

COCA-COLA HBC (4,306) EUR (67,518.08) 320.37

COFINIMMO SICAFI (82) EUR (7,869.54) 125.46

COMMERZBANK AKT NACH KAP 5,305 EUR 58,248.90 (212.20)

CONTINENTAL AG (454) EUR (79,699.70) 658.30

CORIO NV /EUR 10 (335) EUR (13,611.05) (123.95)

CREDIT SUISSE GROUP /NOM. 2,923 EUR 60,970.45 (582.96)

DAIMLER AG / NAMEN-AKT. (6,302) EUR (434,648.94) 6,743.14

DANONE 1,798 EUR 97,901.10 (755.16)

DELTA LLOYD (942) EUR (17,130.27) 127.17

DERWENT LONDON PLC REIT 1,659 EUR 64,517.57 1,142.77

DEUTSCHE EUROSHOP/NAMENAKT. (215) EUR (7,781.93) 93.52

DEUTSCHE LUFTHANSA/NAM. (5,245) EUR (72,538.35) (314.70)

DEUTSCHE POST AG. BONN 1,471 EUR 39,783.20 (625.17)

DEUTSCHE TELEKOM /NAM. (11,517) EUR (152,600.25) 3,282.35

DEUTSCHE WOHNEN AG 2,019 EUR 39,532.02 (232.18)

DIAGEO PLC 2,570 EUR 61,216.00 (41.24)

DIOR SA.CHRISTIAN (1,145) EUR (163,620.50) 1,202.25

DISTRIBUIDORA INTL (4,703) EUR (26,463.78) 385.65

E.ON - NAMEN AKT. (10,550) EUR (149,757.25) 2,743.00

EADS.EUR.AERONAUT.DEFENCE+SP. (1,304) EUR (53,920.40) 228.20

EDENRED (969) EUR (22,243.40) 222.86

EDF 844 EUR 19,264.30 (468.42)

EDP-ENERGIAS DE PORTUGAL SA (76,157) EUR (245,073.22) 5,407.16

EIFFAGE SA (620) EUR (26,114.40) (167.40)

UBI SICAV

180






ELISA CORPORATION A (709) EUR (16,030.49) 241.06

ENAGAS 4,755 EUR 124,509.68 (1,188.74)

ENDESA SA (5,099) EUR (84,388.45) 101.98

ENEL (29,367) EUR (108,540.43) 763.54

ENEL GREEN POWER S.P.A. (9,441) EUR (16,370.69) 188.82

ERSTE GROUP BANK AG 2,930 EUR 56,358.55 (380.90)

ESSILOR INTERNATIONAL (507) EUR (46,988.76) (344.76)

EUROFINS SCIENTIFIC SA (328) EUR (69,552.40) (180.40)

EXOR S.P.A. (2,079) EUR (70,769.16) 727.65

FI CBM HOLDINGS N.V. (37,248) EUR (249,561.60) 1,862.40

FONCIERE DES REGIONS (1,562) EUR (119,961.60) 843.48

FONDIARIA - SAI NPV SHS (3,984) EUR (8,900.26) 79.68

FORTUM CORPORATION (5,603) EUR (100,685.91) 1,120.60

FRANKFURT AIRPORT SERV.WORLDW.

(4,020) EUR (193,120.80) 5,949.60

FREENET AG NAMENS-AKTIEN (2,571) EUR (60,919.85) 372.79

FRESENIUS MEDICAL CARE AG 1,037 EUR 64,138.45 311.10

FRESENIUS SE & CO KGAA (1,869) EUR (80,666.04) 635.46

FUGRO NV (350) EUR (6,041.00) (127.75)

GALP ENERGIA SGPS SA -B- SHRS (27,876) EUR (235,022.56) 7,610.14

GAMESA CORP.TECNOLOGICA SA (979) EUR (7,400.26) 232.02

GAS NATURAL SDG /SPLIT ISSUE (5,582) EUR (116,161.42) 1,925.79

GBL (384) EUR (27,168.00) 230.40

GDF SUEZ (1,571) EUR (30,524.53) 816.92

GEBERIT AG/NAMEN-AKTIEN (260) EUR (73,175.68) 316.41

GECINA /ACT.NOM. (1,336) EUR (138,276.00) 1,803.60

GERRESHEIMER AG (150) EUR (6,742.50) 54.75

GETINGE AB B (3,980) EUR (74,704.56) 339.53

GLAXOSMITHKLINE PLC (8,283) EUR (146,865.06) 732.20

UBI SICAV

181






GRIFOLS SA -A- (697) EUR (23,084.64) 167.28

HANNOVER RUECKVE./NAMEN AKT (1,951) EUR (146,266.47) 936.48

HEIDELBERGCEMENT AG (228) EUR (13,408.68) 75.24

HEINEKEN HOLDING 719 EUR 37,337.67 (654.29)

HEINEKEN NV 1,003 EUR 59,126.85 (541.62)

HELVETIA HOLDING SA /NOM. - EUREQUIV.

159 EUR 62,681.37 (404.39)

HENKEL / VORZUG (4,544) EUR (406,324.48) 2,817.28

HERMES INTERNATIONAL (261) EUR (76,942.80) (2,009.70)

HSBC HOLDINGS PLC (9,245) EUR (72,502.21) 546.23

HUGO BOSS (165) EUR (16,780.50) 214.50

IBERDROLA SA *OPR* (10,546) EUR (59,025.96) 421.84

ICADE SA (1,068) EUR (70,915.20) 267.00

ILIAD (417) EUR (82,857.90) (1,251.00)

IMMOFINANZ AG (73,509) EUR (153,780.83) 1,323.16

IMPERIAL TOBACCO GROUP PLC 1,743 EUR 63,696.57 356.65

INDITEX (33) EUR (782.27) 4.78

INFINEON TECHNOLOGIES /NAM. (91) EUR (804.89) (5.91)

INFORMA PLC (12,195) EUR (73,982.78) (1,484.72)

INGENICO.IND.FIN.ING. (527) EUR (45,996.56) (284.58)

INT AIR GROUP 7,552 EUR 47,304.23 1,898.59

INTERCONTINENTAL HTL GRP PLC 1,945 EUR 65,038.33 (14.53)

INTU PROPERTIES PLC - EQ EUR 14,483 EUR 62,332.91 (672.48)

ITV PLC - EQ EUR 23,376 EUR 64,822.37 433.18

J.SAINSBURY PLC 14,843 EUR 47,184.92 643.21

JAZZTEL 4,925 EUR 61,808.75 (221.63)

JC DECAUX SA (812) EUR (23,194.79) 243.58

JERONIMO MARTINS SGPS SA (4,357) EUR (36,315.60) (126.36)

K+S AKTIENGESELLSCHAFT (1,055) EUR (24,175.33) 263.75

UBI SICAV

182






KABEL DEUTSCHLAND HOLDING AG (747) EUR (83,962.80) 336.15

KESKO OYJ /-B- (536) EUR (16,176.48) 21.44

KLEPIERRE (475) EUR (16,971.75) (14.25)

KONINKLIJKE AHOLD NV 3,188 EUR 47,038.94 15.94

KONINKLIJKE KPN /EUR 0.04 (15,333) EUR (40,295.12) 153.33

KONINKLIJKE VOPAK (282) EUR (12,149.97) 191.76

LADBROKES PLC (50,391) EUR (71,750.94) 1,406.71

LAFARGE SA 687 EUR 39,900.96 (185.49)

LAGARDERE SCA /NOM. (485) EUR (10,476.00) 138.23

LEG IMMOBILIEN (230) EUR (14,257.70) 36.80

LEGRAND HOLDING ACT.PROV.OPO (2,330) EUR (101,459.85) 617.45

LEONI AG /NAMEN-AKT. (1,054) EUR (52,062.33) 379.44

LINDE A.G. (180) EUR (27,756.00) 297.00

LSE GROUP 2,225 EUR 63,678.23 122.44

LUXOTTICA GROUP 1,928 EUR 87,724.00 173.52

MAN SE (166) EUR (15,298.56) 26.56

MAPFRE SA (4,736) EUR (13,322.37) 217.85

MARINE HARVEST ASA 4,098 EUR 46,479.72 (349.77)

MARKS AND SPENCER /NEW 10,300 EUR 63,548.27 110.57

MEDIASET SPA (3,330) EUR (11,455.20) 26.64

MEDIOBANCA BCA CREDITO FINANZ. (4,733) EUR (32,042.41) (47.33)

METRO AG (1,126) EUR (28,499.06) (106.97)

METSO CORP 396 EUR 9,844.56 (190.08)

MICHELIN B /NOM. (892) EUR (67,140.84) 463.84

MTU AERO ENGINES N NAMEN-AKT (246) EUR (17,751.36) 63.96

MUENCHENER RUECKVERS/NAMENSAKT

(729) EUR (120,831.75) 1,348.65

NATIXIS 22,197 EUR 121,750.55 (865.68)

NEOPOST (139) EUR (6,553.16) (54.91)

UBI SICAV

183






NESTLE SA 1,041 EUR 63,159.56 (234.22)

NEXT PLC 415 EUR 36,470.76 2,008.37

NOKIA OY (17,727) EUR (116,289.12) 1,506.79

NOKIAN TYRES PLC (954) EUR (19,356.66) 753.66

NORSK HYDRO AS (15,366) EUR (71,880.72) 445.51

NOVO NORDISK A/S 1,665 EUR 58,202.95 (968.99)

NOVOZYMES SHS-B- EQ EUR 1,745 EUR 60,882.32 (54.13)

OCI (765) EUR (22,100.85) 256.28

OMV AG 2,184 EUR 48,069.84 (447.71)

ORION CORP (NEW)- SHS-B- 1,446 EUR 37,263.42 (867.60)

OSRAM LICHT AKT. (1,823) EUR (59,721.48) 1,121.15

OUTOKUMPU OYJ A (6,843) EUR (32,654.79) 739.05

PANDORA A/S 890 EUR 60,298.68 986.05

PEARSON PLC 4,131 EUR 63,345.32 791.24

PERNOD-RICARD (778) EUR (71,778.28) 879.14

PEUGEOT SA (5,687) EUR (58,121.14) 341.22

PIRELLI ET C 3,456 EUR 38,741.76 380.16

PORSCHE A HLDG/PREF (2,321) EUR (155,878.36) 2,437.05

POSTNL 5,304 EUR 16,442.40 (10.60)

PPR SA (336) EUR (53,592.00) 168.00

PROSIEBEN SAT.1 MEDIA (2,404) EUR (83,731.32) 24.04

PRUDENTIAL PLC (3,817) EUR (73,384.34) 713.55

PRYSMIAN SPA (1,836) EUR (27,815.40) 165.24

PUBLICIS GROUPE SA 489 EUR 29,163.96 (523.23)

QIAGEN NV 2,048 EUR 39,649.28 307.20

RAIFFEISEN BANK INTL AG (4,679) EUR (58,651.27) 397.71

RED ELECTRICA CORPORACION SA 1,695 EUR 124,090.95 (1,101.75)

REED ELSEVIER NV (13,381) EUR (265,479.04) (2,140.96)

UBI SICAV

184






REMY COINTREAU SA (112) EUR (6,200.32) 72.80

RENAULT SA (1,193) EUR (72,212.29) 274.39

REPSOL SA (23,596) EUR (366,799.83) 4,719.18

REXEL SA (3,097) EUR (45,990.45) 588.43

RHEINMETALL AG DUESSELDORF (6,368) EUR (230,967.36) 1,273.60

RHOEN KLINIKUM AG 2,509 EUR 58,196.25 (376.36)

RIGHT IBERDROLA SA 16.12.14 (28,026) EUR (3,363.12) 0.00

RIGHT REPSOL S.A 08.01.15 (23,596) EUR (10,783.37) 70.79

ROCHE HOLDING AG/GENUSSSCHEIN

257 EUR 57,689.80 1.83

ROLLS ROYCE HLD (9,489) EUR (106,378.07) (124.04)

ROY.PHILIPS /EUR 0.2 (9,522) EUR (229,956.30) 2,047.23

RTL GROUP SA (935) EUR (73,977.20) 626.45

SAFRAN SA (1,536) EUR (78,720.00) (430.08)

SAINT-GOBAIN 1,844 EUR 64,964.12 (774.48)

SAIPEM SPA (2,957) EUR (25,918.11) 591.39

SANDVIK AB (8,852) EUR (71,394.88) 401.92

SANOFI-AVENTIS (964) EUR (72,936.24) 231.36

SAP SE (500) EUR (29,130.00) 235.00

SBM OFFSHORE NV (5,782) EUR (56,553.74) 1,029.20

SCHNEIDER ELECTRIC SA (190) EUR (11,515.90) 148.20

SCOTTISH & SOUTHERN ENERGYPLC

2,593 EUR 54,195.82 256.49

SEB SA (115) EUR (7,080.55) 32.20

SEGRO PLC /REIT- EQ EUR 12,838 EUR 61,258.10 (1,071.67)

SGS SA /NOM. 37 EUR 62,930.05 (436.09)

SHIRE PLC 1,104 EUR 64,486.26 599.99

SIEMENS AG /NAM. 414 EUR 38,812.50 (455.40)

SIKA SA. BAAR - EQ EUR (11) EUR (26,860.36) 263.54

SKANDINAV.ENSK.BANKEN A (6,810) EUR (71,568.29) (256.01)

UBI SICAV

185






SKF AB B (4,241) EUR (73,828.02) 308.05

SKY DEUTSCHLAND AG (10,594) EUR (71,191.68) 148.32

SMITH AND NEPHEW PLC 4,639 EUR 71,015.51 473.48

SMITHS GROUP PLC (2,405) EUR (34,027.48) (61.91)

SNAM AZ (10,723) EUR (43,964.30) 214.46

SODEXO 486 EUR 39,497.22 (174.96)

SOLVAY SA (2,146) EUR (241,210.40) 1,073.00

SONOVA HOLDING AG /NOM. 525 EUR 64,142.24 156.76

STADA ARZNEIMITTEL AG (13,419) EUR (338,829.75) 2,214.13

STANDARD CHARTERED PLC-EUR (6,145) EUR (76,253.64) (434.17)

STANDARD LIFE PLC EQ EUR 11,978 EUR 61,754.03 (583.08)

STE GEN.PARIS -A- 1,680 EUR 58,783.20 (453.60)

STMICROELECTRONICS NV (11,821) EUR (73,231.10) 118.21

STORA ENSO AB /-R- (2,785) EUR (20,706.48) 264.57

SUEZ ENVIRONNEMENT CIE (6,105) EUR (88,125.68) 3,968.25

SVENSKA CELLUL.-B- (3,920) EUR (69,895.31) 68.85

SWEDBANK AB -A- 2,976 EUR 61,420.31 279.58

SWISS PRIME SITE AG /NOM. 1,015 EUR 61,624.29 (101.82)

SYNGENTA AG /NAM. (283) EUR (75,318.12) 87.34

TELE2 AK B 6,117 EUR 61,314.86 (109.00)

TELEFONICA DEUTSCHLAND HOLD (2,477) EUR (10,933.48) 200.64

TELEFONICA SA (142) EUR (1,692.64) 21.30

TELEKOM AUSTRIA AG (13,199) EUR (72,845.28) (791.94)

TELENET GROUP HOLDING 1,321 EUR 61,340.64 495.38

TELENOR AS EQ EUR 1,012 EUR 16,899.32 (257.32)

TELEPERFORMANCE (1,088) EUR (61,395.84) 293.76

TELEVISION FRANCAISE 1 (4,208) EUR (53,525.76) 504.96

TELIASONERA AB 11,148 EUR 59,418.84 (295.42)

UBI SICAV

186






TENARIS SA (6,982) EUR (86,995.72) 69.82

TERNA- RETE ELETTRICA NAZIONAL 10,223 EUR 38,438.48 (490.70)

TESCO PLC 21,470 EUR 52,288.51 717.57

THYSSENKRUPP AG DUESSELDORF (4,848) EUR (103,068.48) 1,308.96

TNT EXPRESS—SHS (46,230) EUR (256,160.43) (785.91)

TUI AG (925) EUR (12,765.00) 157.25

UCB 332 EUR 20,982.40 (451.52)

ULTRA ELECTRONICS HLDGS PLC (3,316) EUR (76,912.94) (1,466.98)

UMICORE SA (639) EUR (21,281.90) (54.32)

UNIBAIL-RODAMCO SE (468) EUR (99,613.80) 1,146.60

UNICREDIT AZ (12,733) EUR (67,930.56) 190.99

UNILEVER CERT.OF SHS (841) EUR (27,450.24) 130.35

UNILEVER PLC 1,838 EUR 59,992.32 (2,489.20)

UNITED INTERN.&CO/NAMENSAKT 652 EUR 24,440.22 97.80

UPM-KYMMENE CORP 4,632 EUR 63,087.84 (972.72)

VALEO (236) EUR (24,449.60) 200.60

VALLOUREC 1,308 EUR 29,757.00 98.10

VEOLIA ENVIRONNEMENT (12,004) EUR (177,119.03) 2,640.87

VESTAS WIND SYSTEMS AS / REG 1,189 EUR 36,166.52 (481.55)

VINCI (10,289) EUR (468,252.39) 6,739.30

VISCOFAN — SHS 2,683 EUR 118,226.40 (550.01)

VIVENDI (738) EUR (15,269.22) 103.32

VOLKSWAGEN AG /VORZUG. (319) EUR (58,903.35) 622.05

WARTSILA CORPORATION -B- (740) EUR (27,446.60) 347.80

WENDEL (1,385) EUR (128,721.90) 1,675.85

WERELDHAVE(BELEG.MIJ)(EUR 10) (214) EUR (12,198.00) (53.50)

WHITBREAD PLC 1,071 EUR 65,829.45 1,313.70

WIEN ST VERSICH (179) EUR (6,637.32) 64.44

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187






WIRECARD AG/APRES RED.CAP (1,289) EUR (46,990.50) (605.83)

WOLSELEY EQ EUR (1,583) EUR (75,188.02) (229.17)

WOLTERS KLUWER NV (9,907) EUR (251,142.45) 941.16

WPP PLC (4,329) EUR (75,027.81) 291.16

ZARDOYA OTIS / SPLIT ISSUE (795) EUR (7,314.00) 15.90

ZIGGO 1,604 EUR 61,826.18 0.00

109,418.79

The CFD were conducted with the counterparty M. STANLEY AND CO. INTL LTD.

No margin accounts are used with the counterparties as the unrealized results are regulated at least weekly.

Note 13 – Swaptions

As at December 31, 2014, the sub-fund UBI SICAV – Protezione e Crescita 2017 entered into the following swaption contract:

- Buy of Equity Swap Option Call Derivativo Otc Protezione E Crescita maturity 04/08/2017 strike 0 for a nominal value of EUR 8,749,918.

The Swaptions were conducted with the counterparty Morgan Stanley CIE INTL. The SICAV receives collateral, that can be in form ofcash or bonds, for an amount equal to the fair value of the Equity Swap contract.

Note 14 – Swaps

As at December 31, 2014, the sub-fund UBI SICAV - Protezione Mercati Emergenti has entered into following total return swap contracts:

Collateral

Amount

Notional Currency Underlying/

issuer

Pay/Receive Maturity date Counterparty Net unrealised

appreciation/

(depreciation)

EUR

4,324,673.80 46,012,937.11 EUR MSUBIEMV Index Receive 27/05/2020 MSCI LONDON (117,632.35)3,588,361.83 19,228,299.01 EUR MLEIUBIE Index Receive 03/06/2018 MERRIL GBP (49,076.13)

(166,708.48)

The total return swap agreements foresee the exchange of collateral with the counterparties based on contracts fair value; the collateralcan be in form of cash, shares or bonds.

Note 15 – Maximum Management Fee’s Annual Rate

For the year covered by this report the investment manager shall ensure that, with regard to the sub-funds investing substantial portion ofits assets in other investment funds, the total management fee (excluding performance fee, if any) charged to the SICAV and each of theUCITS and/or other UCIs in which it invests, shall not exceed 5% of the relevant net assets under management. During the year themaximum management fees paid by the SICAV and its sub-funds are disclosed below:

- Global Dynamic Allocation - Management Fee Class A: 1.49%- Global Dynamic Allocation - Management Fee Class B: 1.59%- Global Dynamic Allocation - Management Fee Class D: 1.99%- Global Dynamic Allocation - Management Fee Class I: 1.19%- Global Dynamic Allocation - Management Fee Class R: 2.29%

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188


Note 16 - Distributions

During the year ended December 31, 2014, the SICAV distributed the following dividends :

Sub-Fund Unit class Ex-Date CurrencyDividend perUnit class

Number of sharesOutstanding

Total amountDistributed

UBI SICAV - CEDOLA CERTA 2012-2015 R 12/12/2014 EUR 0.200 26,210,812.788 5,242,162.560UBI SICAV - CEDOLA CERTA 2013-2017 R 21/10/2014 EUR 0.175 105,177,946.675 18,406,140.670UBI SICAV - EURO EQUITY HIGH DIVIDEND D 30/07/2014 EUR 0.197 208,540.254 41,082.430UBI SICAV - EURO EQUITY HIGH DIVIDEND I 30/07/2014 EUR 0.228 3,262,875.518 743,935.620UBI SICAV - EURO EQUITY HIGH DIVIDEND R 30/07/2014 EUR 0.203 5,456,771.735 1,107,724.660UBI SICAV - EURO EQUITY HIGH DIVIDEND S 30/07/2014 EUR 0.212 132,050.977 27,994.810UBI SICAV - CEDOLA MERCATI EMERGENTI R 14/07/2014 EUR 0.225 103,294,774.564 23,241,324.280UBI SICAV - FOCUS ITALIA R 14/07/2014 EUR 0.075 23,877,909.575 1,790,843.220UBI SICAV - HIGH YIELD BOND A 14/04/2014 EUR 0.200 225,404,100.913 45,080,820.180UBI SICAV - GLOBAL DYNAMIC ALLOCATION A 16/01/2014 EUR 0.203 56,094,242.281 11,387,131.180UBI SICAV - CEDOLA CERTA 2013-2016 R 20/03/2014 EUR 0.200 126,270,159.247 25,254,031.850UBI SICAV - FOCUS ITALIA R 15/01/2014 EUR 0.075 30,744,858.046 2,305,864.350

Note 17 – Transaction Cost

For the year ended December 31, 2014, the following sub-funds of the SICAV incurred transaction costs relating to purchase or sale oftransferable securities, money market instruments, derivatives or other eligible assets as follows:

UBI SICAV - Euro Balanced Risk Controlled(1) 686.47 EURUBI SICAV - Euro Equity 24,325.00 EURUBI SICAV - USA Equity 41,773.59 EURUBI SICAV - Asia Pacific Equity 144,287.19 EURUBI SICAV - Emerging Markets Equity 530,809.69 EURUBI SICAV - Global Equity 16,260.52 EURUBI SICAV - Global Corporate Bond 7.71 EURUBI SICAV - Euro Equity High Dividend 30,014.20 EURUBI SICAV - Global Dynamic Allocation 44,949.07 EURUBI SICAV - Emerging Markets Bond 821.01 EURUBI SICAV - Cedola Certa 2012-2015 1,941.16 EURUBI SICAV - Beta Neutral 72,267.87 EURUBI SICAV - Long/Short Euro 6,957.19 EURUBI SICAV - Cedola Mercati Emergenti 32,454.11 EURUBI SICAV - Multiasset Europe 50 308,552.45 EUR

1,256,107.23 EUR

Furthermore, in accordance with the practices of the bond markets, a bid-offer spread is applied to securities purchase or saletransactions. According to this principle, the selling and buying prices applied by the broker to a given transaction are not identical and thedifference between them constitutes the broker’s remuneration.

In addition to the above disclosed transactions fees, the sub-funds pay to the Central Administrator some contractual fees for theprocessing of transactions that are disclosed in the "Statement of Operations and Changes in Net Assets" sub "Central administrationservices fees".

Note 18 – Changes In Portfolio

Upon request to be addressed to the registered office of the SICAV a copy of the statement of changes in the portfolio for the year endedDecember 31, 2014 is available free of charge.

Note 19 – Events

The sub-funds UBI SICAV - Euro Balanced Risk Controlled, UBI SICAV - Active Duration and UBI SICAV - Total Return Defensivemerged into the sub-fund UBI SICAV - Euro Liquidity with effective date October 31, 2014.

The sub-fund UBI SICAV - Global High Yield Euro Hedged was launched on July 28, 2014.

As disclosed in the annual report as at December 31, 2013, UBI SICAV, on behalf of the sub-fund Euro Corporate Bond, has received asummon from the Court of Reykjavik, as additional defendant in a proceeding opened in August 2010 against UBI Banca International,and further to the request of the liquidation committee of theIcelandic bank LBI HF. The liquidation committee questions a sale transactionof a debt security concluded between the same LBI HF and UBI Banca International on behalf of the sub-fund Short Term Euro of BancaLombarda Sicav, which was later merged into the sub-fund Euro Corporate Bond of UBI SICAV. UBI SICAV has appointed a local legalrepresentative and the and legal proceeding is underway; during 2014 there have been no developments.

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Note 20 – Events after balance sheet date

On February 2015, the SICAV launched the new sub-fund called UBI SICAV - Global Multiasset 30.

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190


Unaudited AppendixThe Management Company uses a risk management process that allows monitoring the risks of the portfolio positions.

In financial mathematics and risk management, the VaR approach is a widely used risk measurement of the maximum potential loss for aspecific portfolio of assets, due to market risk. More specifically, the VaR approach measures the maximum potential loss of such aportfolio at a given confidence level (or probability) over a specific time period (so called holding period) under normal market conditions.

The Management Company uses a risk management process that allows monitoring the risk of the portfolio positions and their share ofthe overall risk profile of the portfolios on the managed funds at any time. In accordance with the amended Law of December 17, 2010 andthe applicable regulatory requirements of the Commission de Surveillance du Secteur Financier ("CSSF") the Management Companyreports to the CSSF on a regular basis on the risk management process. The Management Company assures, at the basis of appropriateand reasonable VaR methodology described below, that the maximum potential loss of the portfolio according to applicable regulationsdoes not exceed the 20% threshold of the net asset value of the portfolio. The Management Company uses the following methods:

Global risk measurement methods

1) Absolute VaR approachIn the period from January 1, 2014 to December 31, 2014 the absolute VaR approach has been used for monitoring and measuring themarket risk for the funds under the VaR approach. The VaR has been calculated using a Monte-Carlo simulations with a confidenceinterval of 99%, a holding period of 20 days, over an observation window of 250 days, with no decay, under a full-revaluation framework.

2) Commitment ApproachThe "commitment approach" is based on the positions of derivative financial instruments, converted into their corresponding underlyingequivalents using the delta approach. Netting and Hedging might be considered for derivative financial instruments and their underlyingassets. The sum of these underlying equivalents must not exceed the net asset value of the SICAV.

For the year ended December 31, 2014 the SICAV uses the commitment method for global risk management except for the following sub-funds for which the SICAV use an absolute Value-at-Risk (VaR) approach:– UBI SICAV - Active Duration (1)

– UBI SICAV - Active Beta– UBI SICAV - Total Return Defensive (1)

– UBI SICAV - Cedola Certa 2012-2015– UBI SICAV - Beta Neutral– UBI SICAV - Long/Short Euro– UBI SICAV - Cedola Certa 2013-2016– UBI SICAV - Protezione e Crescita 2017– UBI SICAV - Cedola Certa 2013-2017– UBI SICAV - Protezione Mercati Emergenti

The minimum, maximum and average VaR levels during the December 31, 2014 are as follows:– UBI SICAV - Active Beta

Min=0.58%; Max=1.65%; Average=1.02% (from January 1, 2014 to December 31, 2014)– UBI SICAV - Active Duration

Min=0.11%; Max=3.07%; Average=1.89% (from January 1, 2014 to December 31, 2014)– UBI SICAV - Beta Neutral

Min=0.46%; Max=1.87%; Average=0.98% (from January 1, 2014 to December 31, 2014)– UBI SICAV - Cedola Certa 2012-2015

Min=0.26%; Max=0.98%; Average=0.58% (from January 1, 2014 to December 31, 2014)– UBI SICAV - Cedola Certa 2013-2017

Min=0.75%; Max=1.97%; Average=1.34% (from January 1, 2014 to December 31, 2014)– UBI SICAV - Long/Short Euro

Min=1.23%; Max=1.88%; Average=1.52% (from January 1, 2014 to December 31, 2014)– UBI SICAV - Total Return Defensive (1)

Min=0.07%; Max=0.90%; Average=0.57% (from January 1, 2014 to October 31, 2014)– UBI SICAV - Cedola Certa 2013-2016

Min=0.41%; Max=1.34%; Average=0.80% (from January 1, 2014 to December 31, 2014)– UBI SICAV - Protezione Crescita 2017

Min=5.09%; Max=6.59%; Average=5.72% (from January 1, 2014 to December 31, 2014)– UBI SICAV - Protezione Mercati Emergenti

Min=0.08%; Max=7.14%; Average=3.46% (from January 1, 2014 to December 31, 2014)

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191


The method used to calculate leverage levels is the commitment approach. The average leverage level are as follows:– UBI SICAV - Active Duration : 78.11% (from January 1, 2014 to December 31, 2014)– UBI SICAV - Active Beta : 38.52% (from January 1, 2014 to December 31, 2014)– UBI SICAV - Beta Neutral : 81.53% (from January 1, 2014 to December 31, 2014)– UBI SICAV - Cedola Certa 2012-2015 : 0.27% (from January 1, 2014 to December 31, 2014)– UBI SICAV - Cedola Certa 2013-2017 : 11.93% (from January 1, 2014 to December 31, 2014)– UBI SICAV - Long/Short Euro : 49.90% (from January 1, 2014 to December 31, 2014)– UBI SICAV - Total Return Defensive (1) : 40.74% (from January 1, 2014 to October 31, 2014)– UBI SICAV - Cedola Certa 2013-2016 : 10.78% (from January 1, 2014 to December 31, 2014)– UBI SICAV - Protezione Crescita 2017 : 15.47% (from January 1, 2014 to December 31, 2014)– UBI SICAV - Protezione Mercati Emergenti : 51.70% (from January 1, 2014 to December 31, 2014)

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Unaudited Appendix (continued)

Documents

UBI SICAV · 2020. 8. 17. · UBI SICAV Directors' Report 2014 Annual Report Macro-economic developments In 2014 the world economy remained on a path of gradual recovery, although